Arcelor-Mittal ZAR4.5 billion rights offer

Overview:

• Arcelor-Mittal South Africa, the subsidiary of the Luxembourg-based steel company, placed a ZAR4.5 billion rights offer to restructure its debt.
• The company had reported a net loss of $7.95 billion for 2015; for comparison, the company's 2014 net loss was $1.86 billion, this is largely due to lower steel demand. 
• Goldman Sachs, Bank of America Merrill Lynch and Crédit Agricole acted as joint global cordinators and joint bookrunners 
• Barclays, BNP Paribas, Citigroup, J.P. Morgan and Société Générale Corporate & Investment Banking acted as joint bookrunners.
• Nedbank Corporate & Investment Banking also advised on the offer, acting as investment bank, corporate advisor and transaction sponsor.  

Rani Mehta - Journalist