ArcelorMittal Prices Shares For $3 Bln Rights Offering

(RTTNews) - ArcelorMittal (MT) said it will sell new stock to shareholders at 2.20 euros per share as the Steel giant raises about $3 billion to cut debt. The Subscription price represents a 35.3% discount to the theoretical ex-rights price, based on the closing price of ArcelorMittal's shares on Euronext Amsterdam on 10 March 2016.

The Luxembourg-based company noted that it will sell seven new shares for every 10.

Mittal family trust entities have committed to exercise their Rights for new shares pro rata to their current shareholding of 37.38%.

The Company and the Mittal family trust entities have agreed with the Underwriters to a 180-day lock-up following the settlement of the Offering, subject to certain exceptions.

Record date for allocation of Rights is set at 14 March 2016 at 5:00 pm EST for shares traded on the New York Stock Exchange and the close of trading in each other market