Home / Commodities / Commodity News / ArcelorMittal Enters into Separate, Privately Negotiated Agreements with Certain Holders of its 5.50% Mandatorily Convertible Subordinated Notes due 2023 ArcelorMittal Enters into Separate, Privately Negotiated Agreements with Certain Holders of its 5.50% Mandatorily Convertible Subordinated Notes due 2023 ArcelorMittal (the “Company” or “ArcelorMittal”) announced today that the Company has entered into separate, privately negotiated exchange agreements with a limited number of holders of the Company’s 5.50% Mandatorily Convertible Subordinated Notes due 2023 (the “Notes”). Pursuant to the exchange agreements, the Company will exchange $246.8 million in aggregate principal amount of the Notes, for an aggregate of (i) 22,653,933 shares (all existing shares held in treasury) of ArcelorMittal common stock (i.e. the minimum conversion ratio under the Notes) plus (ii) $25.4 million (including accrued interest on the exchanged Notes up to, but excluding, the settlement date). The Company will not receive any proceeds from the delivery of such shares of common stock. The exchanges are expected to close on or about 22 December 2020, subject to customary closing conditions. Following completion of the exchanges, approximately $1.0 billion aggregate principal amount of the Notes will remain outstanding.