ArcelorMittal in £2.2bn deal to reduce debts

ARCELORMITTAL, Lakshmi Mittal’s heavily-indebted steel group, yesterday unveiled a £2.2bn offer of shares and mandatorily convertible loan notes in the first major equity capital markets deal of the year.
The deal, which was arranged by Goldman Sachs, BofA Merrill Lynch, Credit Agricole and Deutsche Bank, will enable the steel giant to reduce its net debt from around $22bn (£13.7bn) as of the year end to $17bn by the end of June. Continue reading “ArcelorMittal in £2.2bn deal to reduce debts”