On Thursday, May 14, steel giant ArcelorMittal announced a US$2.25 billion bond issue in two series.
According to the company's release, on May 13 the company completed the pricing of two series of US dollar denominated notes for an aggregate principal amount of US$2.25 billion, consisting of a US$750 million principal amount of its nine percent notes due 2015 and a US$1.5 billion principal amount of its 9.85 percent notes due 2019.
ArcelorMittal also stated that the proceeds to the company, amounting to around $2.2 billion, would be used to refinance existing debts.
The offering in question is scheduled to close on May 20, subject to satisfaction of customary conditions.