ArcelorMittal in $4 Billion Equity and Equity-Linked Securities Offerings

January 16, 2013

Cleary Gottlieb represented ArcelorMittal in concurrent offerings of shares and mandatorily convertible notes (MCNs) totaling $4 billion. The share offering was for $1.75 billion and the MCN offering was for $2.25 billion. The two offerings were SEC-registered and placed globally. Goldman, Sachs & Co. acted as sole global coordinator of the offerings, and Goldman, Sachs & Co., BofA Merrill Lynch, CA-CIB and Deutsche Bank acted as joint bookrunners of the offerings. Mittal family entities purchased $300 million of shares and $300 million of MCNs in the offerings. The offerings launched and priced on January 9 and closed on January 14 (shares) and January 16 (MCNs). ArcelorMittal intends to use the net proceeds from the offerings to reduce existing indebtedness.

Long-time Cleary Gottlieb client ArcelorMittal is the world's largest steel company and a leading mining company.