|
ArcelorMittal 5.50% Mandatorily Convertible Sub Notes Due 05/18/2023
Ticker Symbol: MTCN* CUSIP: 03938L302 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/18/2023
QUANTUMONLINE.COM SECURITY DESCRIPTION: ArcelorMittal 5.50% Mandatorily Convertible Subordinated Notes Due 05/18/2023, issued in $25 denominations. The convertible notes are mandatorily convertible on 05/18/2023 into a variable number of ArcelorMittal (NYSE: MT) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 2.29521 shares per unit if the then current market price is equal to or greater than $10.89 and 2.69687 shares per unit if the market price is equal to or less than $9.27. For market prices between those values the settlement rate will be $25 divided by the market value. The issue price of the common stock on 05/18/2020 was $9.27 per share. Interest distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 2/18, 5/18, 8/18 & 11/18 to holders of record on the record date that will be 2/3, 5/3, 8/3 & 11/3 (NOTE: the ex-dividend date is one business day prior to the record date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The subordinated notes are convertible after 07/28/2020 at the holder’s option into 2.29521 shares of common stock. This security is possibly subject to an accelerated mandatory conversion at the manditory conversion rate of 2.69687 common shares plus a make-whole amount, as a result of the occurrence of a ratings event or other corporate events (see the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
|
5.50%
$1.375
|
$25.00
$25.00
|
7/28/2020
5/18/2023
|
NR NR
11/03/2022
|
2.29521@$10.89+
2.69687@$9.27-
|
2/18, 5/18, 8/18 & 11/18
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
|
No
|
Go to Parent Company's Record (MT)
IPO - 5/18/2020 - 50.00 Million Notes @ $25.00/note.
Link to IPO Prospectus
Market Value $1.3 Billion
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 24-26, Boulevard d’Avranches, L-1160 Luxembourg |
Main Phone Number |
+352 4792-2484 |
Fax Number |
+352 4792 2235 |
Inv Rel Phone Number
|
+352 4792 2484 |
Address and Phone Numbers |
U.S. Representative |
Intl Steel Group |
Address: 1 South Dearborn, Chicago, IL 60603 |
Main Phone Number |
312-899-3985 |
Fax Number |
312-899-3678 |
Toll Free Phone Number |
Unknown |
CEO - Lakshmi Narayan Mittal |
CFO - Aditya Mittal |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|