Management Report - Beursgorilla

ArcelorMittal Annual Report 2009Consolidated Financial Statements 41BondsOn July 15, 2004, ArcelorMittal Financeissued €100 million principal amount ofunsecured and unsubordinated fixed ratednotes bearing interest at 5.50% per annum(issued at 101.97%) due July 15, 2014.On November 7, 2004, ArcelorMittalFinance issued €500 million principalamount of unsecured and unsubordinatedfixed rated bonds bearing interest at4.625% per annum (issued at 99.195%)due November 7, 2014.On December 10, 2004, ArcelorMittalFinance issued €100 million principalamount of unsecured and unsubordinatedfixed rated bonds bearing interest at3.395% per annum (issued at 100.00%)due December 10, 2009. On December10, 2009 the bonds were repaid.On May 27, 2008, the Company issued3,000 principal amount of unsecured andunsubordinated fixed rated bonds in twotranches. The first tranche of 1,500 bearsinterest at 5.375% (issued at 99.722%)due June 2013 and the second trancheof 1,500 bears interest at 6.125%(issued at 99.571%) due June 2018.On May 20, 2009, the Company issuedunsecured and unsubordinated notes intwo tranches for an aggregate principalamount of 2,250 consisting of 750(issued at 98.931%) bearing interestat 9% per annum maturing February 15,2015 and 1,500 (issued at 97.522%)bearing interest at 9.85% per annummaturing June 1, 2019.On June 3, 2009, the Company issuedunsecured and unsubordinated bonds intwo tranches for an aggregate principalamount of €2.5 billion (3,560) consistingof €1.5 billion (issued at 99.589%)bearing interest at 8.25% per annummaturing June 3, 2013 and € 1 billion(issued at 99.381%) bearing interestat 9.375% per annum maturingJune 3, 2016.On October 1, 2009, the Companyissued unsecured and unsubordinatednotes for an aggregate principal amountof 1,000 (issued at 95.202%) bearinginterest at 7% per annum maturingOctober 15, 2039.Bonds and notes denominated in Euro(excluding convertible bonds) amountedto €3.7 billion as of December 31, 2009.Bonds and notes denominated in U.S. dollars(excluding convertible bonds) amountedto 7,173 as of December 31, 2009.European Bank for Reconstructionand Development (“EBRD”) LoansThe Company entered into fiveseparate agreements with the EBRDfor on-lending to the followingsubsidiaries on the following dates:ArcelorMittal Galati on November 18,2002, ArcelorMittal Kryviy Rih on April 4,2006, ArcelorMittal Temirtau on June 15,2007, ArcelorMittal Skopje andArcelorMittal Zenica on November 10,2005. The last installment under theseagreements is due in January 2015.The outstanding amount in total as ofDecember 31, 2008 and 2009 was 304and 238, respectively. The agreementrelated to ArcelorMittal Galati was fullyrepaid on November 23, 2009.Other facilitiesOn July 24, 2007, ArcelorMittal Finance,together with a subsidiary, signed a fiveyear €500 million loan due 2012.In 2007 and 2008, ArcelorMittal Financeentered into certain bilateral creditfacilities totaling €950 million. During theyear ended December 31, 2008, all thesecredit facilities were transferred toArcelorMittal. During the year endedDecember 31, 2009, these bilateral creditfacilities matured or were cancelled.Forward Start facilitiesDuring the first half of 2009, ArcelorMittalentered into facilities totaling approximately6,000 referred to as “Forward Start”facilities, in order to extend the maturityof various facilities. A Forward Start facilityprovides a borrower with a committedfacility to refinance an existing facility uponits maturity, and therefore certainty as tothe availability of funds for that refinancing.In conjunction with the Company’s bonds,convertible bonds and equity issuancesin the second quarter of 2009, thecommitments under these Forward Startfacilities were ratably cancelled, as providedfor in the facility. Subsequently, a 3,175Forward Start facility was reinstated,extending the maturity of part of the$4 billion credit facility (to the extentof 3,175) until 2012.AmericasSenior Secured NotesOn March 25, 2004, Ispat Inland ULCissued Senior Secured Notes with anaggregate principal amount of 800of which 150 were floating rate notesbearing interest at LIBOR plus 6.75%due April 1, 2010 and 650 were fixedrate notes bearing interest at 9.75%(issued at 99.212% to yield 9.875%) dueApril 1, 2014 (the “Senior Secured Notes”).On December 28, 2007, ArcelorMittalFinancial Services LLC, a newly formedlimited liability company organized underthe laws of Delaware, became the Issuerof the Senior Secured Notes, andwas substituted for Ispat Inland ULC(the initial issuer of the Senior SecuredNotes) for all purposes under the Indentureand Pledge Agreement. On June 13, 2008,ArcelorMittal USA Partnership, a generalpartnership under the laws of Delaware,became the Issuer of the Senior SecuredNotes and was substituted for ArcelorMittalFinancial Services LLC for all purposesunder the Indenture and Pledge Agreement.423 (420 net of discount) was outstandingas of December 31, 2008 and 2009.