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ArcelorMittal extends conversion date for $1 billion of mandatory convertibles
By Rebecca Melvin
New York, Dec. 22 – ArcelorMittal SA has extended the conversion date for $1 billion of mandatory convertible bonds issued on Dec. 28, 2009 by one of its wholly-owned Luxembourg subsidiaries, according to a company release.
The conversion date was extended to Jan. 31, 2024. The other main features of the bond, which is mandatorily convertible into preferred shares of the subsidiary, remain unchanged.
The bond was placed privately with Credit Agricole CIB and is not listed.
The ArcelorMittal subsidiary has concurrently executed amendments for the extension of the outstanding notes into which it invested the proceeds of the bond issuance, which are linked to shares of China Oriental Group Co. Ltd., a listed company, which is held by an ArcelorMittal subsidiary.
ArcelorMittal is a Luxembourg-based steel and mining company.
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