Steel giant ArcelorMittal (MT) said Friday that it completed the pricing of its 30-year, $1 billion aggregate principal amount of 7% bonds due 2039. The yield of the bonds is 7.4%.
The proceeds of $943.27 million, before expenses, would be used for general corporate purposes, the company said.
The deal was originally planned to have a size of $500 million. The offering is scheduled to close on October 6.
Citigroup, Deutsche Bank and JPMorgan were the lead managers for the sale.
The company recently reported a net loss in its second quarter, reflecting exceptional charges, sharply lower demand and prices, amid the ongoing economic crisis.
MT closed Thursday's regular trade at $34.97, down from the previous close of $37.14, on 7.19 million shares.
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