PARIS/LUXEMBOURG (Reuters) - ArcelorMittal announced Thursday it had raised four billion dollars (3.06 billion euros) through its combined offering of shares and subordinated mandatory convertible notes (MCN ), while the steel was originally announced its intention to place about 3.5 milliards.
The group said in a statement fixing the price of the common shares at 16.75 dollars (12.83 euros at 1.3060 dollar per euro). For their part, the MCN will carry a coupon of 6% per annum and will be convertible at a price of 16.75 dollars minimum and maximum price of 20.94 dollars.
The offering of shares for a total of $ 1.75 billion - equivalent to about 104 million shares - and mandatorily convertible notes offering a total of $ 2.25 billion, the details groupe.
"The MCN will have a maturity of three years and will be issued at 100% of the principal amount and will be mandatorily converted into ordinary shares of ArcelorMittal maturity unless they have been previously converted at the option of the holders or ArcelorMittal or the occurrence of specific events under the terms of the MCN "dit-il.
The Mittal family, who heads the group of steel, participated in the operation, providing 600 million dollars, 300 million dollars and 300 million in MCN actions.
Goldman Sachs is the sole global coordinator of the combined, while BofA Merrill Lynch, Credit Agricole and Deutsche Bank are bookkeepers associés.
ArcelorMittal said that this fundraiser will be used to reduce debt. It will reduce its net debt to $ 17 billion at June 30, 2013, against 22 billion in 2012 and expected end "more quickly reach" the goal of medium-term debt of $ 15 billion dollars.
Its CEO Lakshmi Mittal said on Wednesday that in addition to this issue, asset sales, lower dividend and cost reductions would achieve this objectif.
The group has also submitted a bid for the purchase of assets being sold by ThyssenKrupp, an acquisition that would not affect the debt target. Chief Financial Officer Aditya Mittal hinted Wednesday that he was interested in the American steel Alabama .
ArcelorMittal had at the same time confirmed its earnings forecast in 2012, with a gross operating profit (EBITDA) waited about seven billion dollars.
Juliette Rouillon, edited by Nicolas Delame
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