ArcelorMittal (MT) Extends $1-Billion MCB Conversion Date
Zacks Investment Research | Dec 18, 2017 08:53PM ET
ArcelorMittal (NYSE:MT) recently declared extension of the conversion date for the $1-billion privately placed mandatory convertible bond (MCB) issued on Dec 28, 2009, by one of its fully-owned subsidiaries located in Luxembourg. The MCB is mandatorily convertible into preferred shares of such subsidiary.
The amendment to the MCB was executed on Dec 14, 2017. The mandatory conversion date of the bond has been extended to Jan 29, 2021. The bond is not listed and was privately placed with Credit Agricole (PA:CAGR) Corporate and Investment Bank.
According to ArcelorMittal, the subsidiary has simultaneously executed amendments providing for the extension of outstanding notes into which it invested the proceeds of the bond issuance. These are linked to shares of the listed companies, China Oriental Group Company Limited and Eregli Demir Va Celik Fab. T. AS of Turkey, both of which are held by subsidiaries of ArcelorMittal.
Shares of ArcelorMittal have gained 17.9% in the past three months, outperforming the
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