ArcelorMittal To Secure Up To $1 Bln Financing For U.S. Operations - Quick Facts

(RTTNews) - ArcelorMittal (MT) announced that its subsidiary ArcelorMittal USA intends to enter into a new, five-year senior secured asset-based revolving credit facility of up to $1 billion, which is expected to close in the second quarter of 2016.

The company specified that the facility will be secured by inventory and certain other working capital and related assets of ArcelorMittal USA and will be used for the unit's general corporate purposes.

ArcelorMittal said it does not intend to pursue additional secured financing beyond this single asset-based facility.

Total secured debt at end December 31, 2015 was $625 million, 3.2% of total gross debt, and consisted primarily of capital leases.