Davis Polk advised Goldman, Sachs & Co. as sole global coordinator and joint bookrunner, and Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint bookrunners, on two concurrent SEC-registered offerings of equity and mandatorily convertible subordinated notes by ArcelorMittal.
The offerings consisted of 104,477,612 ordinary shares and $2.25 billion principal amount of 6% mandatorily convertible subordinated notes due 2016. The aggregate gross proceeds from the offerings were approximately $4 billion. The offerings were part of ongoing initiatives by ArcelorMittal to lower its net debt and accelerate the achievement of its medium-term net debt target.
ArcelorMittal is the world’s leading integrated steel and mining company, with a presence in more than 60 countries. The company is the largest steel producer in the Americas, Africa and Europe, and is the fourth-largest producer in the CIS region, with a growing presence in Asia, including investments in China and India. With an industrial presence in over 22 countries spanning four continents, the company covers all of the key steel markets, from emerging to mature.
The Davis Polk corporate team included partner Andrés V. Gil and associates Amy T. Alter and Thomas J. Clarke. Partners Ray Ibrahim and Mark M. Mendez and associates Noah L. Wynkoop and Katharine O’Banion provided product advice with respect to the mandatorily convertible subordinated notes. Partner John D. Paton, counsel Alon Gurfinkel and associates Sarah Joy and Arie Rubenstein provided tax advice. Vivienne M. Guiden was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York, London and Paris offices.
