ArcelorMittal extends conversion date for $1 billion bond

LUXEMBOURG/NEW DELHI: ArcelorMittal today extended the conversion date for its $1 billion privately placed mandatory convertible bond to January 2016.

The bond was issued by a wholly owned subsidiary of ArcelorMittal on December 28, 2009, and the conditions were amended on January 16, the company said in a statement.

"The mandatory conversion date of the bond has been extended to 29 January 2016. The other main features of the MCB remain unchanged," ArcelorMittal said.

The bond was placed with a Luxembourg affiliate of Credit Agricole Corporate and Investment Bank and is not listed.

ArcelorMittal also said it reduced two syndicated revolving credit facilities on November 26.

The facilities, entered into in March 2011 and May 2010, were cut to $3.6 billion from $6 billion and to $2 billion from $4 billion, respectively.

The company gave notice today to redeem all of its outstanding $650 million subordinated perpetual capital securities on February 20, 2014, following the occurrence of a ratings agency event.