ArcelorMittal announces 2.5-billion-dollar bond issue

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Steel giant Arcelor Mittal said on Tuesday that it had launched a bond issue to raise 2.5 billion dollars (1.89 billion euros) to reduce debt.

The issue was divided into three bonds of different duration, with the longest being for 29 years.

The first, to raise one billion dollars and carrying an interest rate or yield of 3.75 percent had a life of five years, falling due for repayment in 2015.

The second, also to raise one billion dollars at 5.25 percent, was for 10 years, and the third for 500 million dollars at 7.0 percent was for 29 years.

© 2010 AFP

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