MT - ArcelorMittal enters into repurchase agreements with subordinated notes holders
ArcelorMittal (NYSE:MT) trades 4.4% higher premarket after it entered into separate, privately negotiated repurchase transactions with a limited number of holders of the company's 5.50% Mandatorily Convertible Subordinated Notes due 2023. Post the transactions, the company will repurchase ~$395M in principal amount of the notes. The company foresees that holders of the outstanding notes that it is repurchasing may unwind related hedge positions by buying ordinary shares of the company during the price determination period. Post repurchases completion, ~$608M principal amount of the Notes will remain outstanding.
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ArcelorMittal enters into repurchase agreements with subordinated notes holders