Global steel giant ArcelorMittal announced that it plans to buy back more than $1 billion in notes and bonds which are due to mature in 2014.
ArcelorMittal is offering to buy back up to $500 million in notes that were due to mature on April 15, 2014; the steelmaker is offering to pay $1,038.75 for each $1,000 note tendered before June 28. In a second deal, ArcelorMittal is offering €1,045.75 for each €1,000 bond, without a deadline, to buy back up to €500 million ($670 million).
ArcelorMittal said that with these two buybacks, it aims to retire all or a portion of the notes prior to their maturity.