Issuer:
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ArcelorMittal
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Ticker:
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MT (NYSE, Luxembourg Stock Exchange, NYSE Euronext (Paris and Amsterdam); MTS (Spanish Exchanges)
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Total Number of Shares Sold in the Offering:
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104,477,612
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Price of Shares:
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€12.83 or $16.75 per Share (USD/EUR spot reference 1.3060)
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Underwriters:
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Goldman, Sachs & Co. is acting as Sole Global Coordinator and Joint Bookrunner. BofA Merrill Lynch, Crédit Agricole CIB and Deutsche Bank are acting as Joint Bookrunners.
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Underwriting discount:
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1.02% (€0.1309 or $0.1709 per Share), without giving effect to any additional potential discretionary payment of up to 0.425% to underwriters
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Proceeds from Net of Aggregate Underwriting Discounts and Commissions:
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$1,732 million, before payment of offering expenses of approximately $17,850,000 (without giving effect to any additional discretionary payment of up to 0.425% to underwriters)
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Use of Proceeds:
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The net proceeds of the Offering, after deduction of underwriting discounts and commissions and expenses of approximately $18.9 million, amount to approximately $1.73 billion. The Issuer intends to use the proceeds to repay existing indebtedness under outstanding bonds with maturities ranging from 5 months to 22 months and interest rates ranging from 4.625% to 8.25%.
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Mittal Family Participation:
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Certain members of the Mittal Family are purchasing $300 million of ordinary shares of the Issuer in this offering at a public offering price of $16.75 per ordinary share (corresponding to 17,910,448 ordinary shares) and are purchasing $300 million aggregate principal amount of Notes in the concurrent Note offering. Accordingly, following the completion of the combined offering (and assuming (i) no drawing under the share lending agreement between a Mittal Family entity and the Company and (ii) conversion of all Notes at the maximum conversion ratio), Mittal Family entities will own 37.42% of the Issuer's ordinary shares. The Underwriters will not receive any discounts and commissions relating to the Mittal Family participation.
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Concurrent Transaction:
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Concurrently with this offering, the Issuer is offering $2.25 billion aggregate principal amount of 6.00% mandatorily convertible subordinated notes due 2016 ("Notes") pursuant to a separate registration statement and prospectus. The Notes have an initial minimum conversion ratio of 1.19389 Shares per $25 principal amount of the Notes (subject to adjustment), and an initial maximum conversion ratio of 1.49254 per $25 principal amount of the Notes. The net proceeds of the Issuer’s Notes offering, after deduction of underwriting discounts and commissions and expenses of approximately $24.2 million, amount to approximately $2.23 billion. The underwriters of the common shares offered hereby will act as the underwriters for that offering. This offering is not contingent on the consummation of the Notes offering.
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Pricing Date:
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January 9, 2013
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Issue Date:
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January 14, 2013
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Lock-Up
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180 days from the date hereof
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