Arcelor Mittal Signs EUR 17 Billion Credit Facility.ROTTERDAM, The Netherlands & LUXEMBOURG -- Arcelor Mittal (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. :LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR LOR Letter Of Reprimand (military) LoR Lord of the Rings (J.R.R. Tolkien) LOR Learning Object Repository LOR Linux.Org. ) today announces the signing of a [euro]17bn credit facility with a syndicate of 26 banks. This facility will be used to refinance existing credit facilities of Mittal Steel Company Mittal Steel Company N.V. (Euronext: MT, NYSE: MT) was the world's largest steel producer by volume, and also the largest in turnover. Company is now part of Arcelor Mittal. CEO Lakshmi Mittal's family owned 88% of the company. N.V. and of Arcelor Finance, a subsidiary of Arcelor S.A.. Due to strong interest from Arcelor Mittal's relationship banks, the facility was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. by some 40%. Of the 26 participating banks, 17 acted as mandated lead arrangers. The facility consists of two tranches: a [euro]12bn term loan amortized over a five-year period and a [euro]5bn revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a maturity of five years. The facility pays an initial margin of 0.375% above Libor, based on a ratings grid. Aditya Mittal, CFO See Chief Financial Officer. Arcelor Mittal said: "I am delighted that we have been able to reorganize our credit facilities on attractive terms. The strong demand for this offering underlines the financial community's trust in Arcelor Mittal." About Arcelor Mittal Arcelor Mittal is the world's number one steel company, with 330,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. Arcelor Mittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets. Arcelor Mittal key pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financials for the first six months of 2006 show combined revenues of euro43,281 billion, with approximate production capacity of 130 million tonnes a year, representing around 10 per cent of world steel output. |
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