ARCELORMITTAL'S OFFER TO PURCHASE SECURITIES WORTH US$ 3.2 BILLION RECEIVES LUKEWARM RESPONSE

ArcelorMittal’s offers to purchase in cash securities worth around $ 3.2 billion, maturing in 2017 and 2018, have received a lukewarm response.

Last week, the world’s biggest steelmaker had launched an “invitation” to holders of bonds —— €1 billion 4.625 per cent notes due November 17, 2017 and €500 million 4.50 per cent notes due March 29, 2018.

It had also come out with a ‘tender offer’ to purchase for cash any and all of its outstanding 6.125 per cent notes due 2018. The principal outstanding amount was $ 1.5 billion.

Announcing the acceptance of the ‘Invitation’, in a regulatory filing, ArcelorMittal said the tendered amount was about € 627 million (around $ 713 million) for the total ’invitation’ of €1.5 billion