23 04 2016

ArcelorMittal $3 Billion Rights Offering

Davis Polk advised the joint global coordinators and joint bookrunners, together with a syndicate of underwriters, in connection with an SEC-registered rights offering by ArcelorMittal.


Goldman Sachs International, BofA Merrill Lynch, Crédit Agricole CIB acted as Joint Lead Managers and Bookrunners Barclays, BNP PARIBAS, Citigroup, J.P. Morgan, Société Générale Corporate & Investment Banking acted as Joint Bookrunners. The rights offering comprised public offerings in the United States, the Netherlands, France, Luxembourg and Spain. A total of 1,602,304,194 new shares were subscribed for in the rights offering, including through oversubscription, representing a subscription rate of 126.9%. The rights offering raised gross proceeds of approximately $3 billion. With steel-making operations in 19 countries on four continents, ArcelorMittal is the world’s largest and most global steel producer and a significant producer of iron ore and coal. ArcelorMittal’s shares are listed on the NYSE, Euronext Amsterdam, Euronext Paris, the Luxembourg Stock Exchange and the Bolsas de Valores of Madrid, Barcelona, Bilbao and Valencia. The Davis Polk corporate team included partner John Banes (Picture), counsel Connie I. Milonakis and Amy T. Alter and associate Géraldine Fromage. Partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Involved fees earner: John Banes - Davis Polk & Wardwell; Connie Milonakis - Davis Polk & Wardwell; Amy Alter - Davis Polk & Wardwell; Geraldine Fromage - Davis Polk & Wardwell; Alon Gurfinkel - Davis Polk & Wardwell; Omer Harel - Davis Polk & Wardwell;

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