Mittal Steel launches 8 bn Euro loan for Arcelor buy | Latest News India - Hindustan Times
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Mittal Steel launches 8 bn Euro loan for Arcelor buy

None | ByReuters, London
May 01, 2006 05:57 PM IST

The deal consists of a 5 bn Euro acquisition facility which funds the cash portion of the bid, and a 3 bn Euro refinancing facility.

Mital Steel has launched an eight billion Euro syndicated loan in its bid for Arcelor, bankers close to the deal said on Friday.

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Arrangers Citigroup, Goldman Sachs, Societe Generale, Commerzbank, CSFB and HSBC have launched the deal to around 20 of Mittal's relationship banks, which have been invited to sub-underwrite the loan.

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The deal consists of a five billion Euro acquisition facility which funds the cash portion of the bid, and a three billion Euro refinancing facility which repays a $3.5 billion 364-day bridge loan of December 2005 that financed Mittal's acquisition of Ukrainian steelmaker Kryvorizhstal.

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