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ArcelorMittal sinks after unveiling $2B financing plan

May 11, 2020 9:36 AM ETArcelorMittal S.A. (MT) StockMTBy: Carl Surran, SA News Editor1 Comment
  • ArcelorMittal (MT -12.9%) opens sharply lower after announcing a proposed offering of common shares and mandatorily convertible notes for a combined $2B.
  • The company says the capital raise is a proactive measure to accelerate the achievement of its $7B net debt target.
  • ArcelorMittal says its liquidity position stood at ~$10B as of March 31, supplemented by a new $3B equivalent credit facility fully executed on May 5.
  • On Friday, Moody's cut ArcelorMittal’s credit rating to junk, saying the steelmaker is vulnerable to demand loss due to coronavirus.

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