On May 27, 2009, Luxembourg-based global steel giant ArcelorMittal announced a €2.5 billion ($3.5 billion) bond issue.
According to the company's release, it has completed the pricing of two series of euro denominated notes for an aggregate principal amount of €2.5 billion, consisting of a €1.5 billion principal amount of its 8.250 percent notes due 2013 and a €1 billion principal amount of its 9.375 percent notes due 2016.
ArcelorMittal also stated that the proceeds to the company, amounting to approximately €2.5 billion, will be used to lengthen its debt maturity profile and to refinance existing indebtedness.
The offering in question is scheduled to close on June 3, 2009, subject to satisfaction of customary conditions.
ArcelorMittal has credit ratings of Baa3 from Moody's Investors Service, BBB+ from Standard & Poor's and BBB from Fitch Ratings.