By Alex MacDonald 
 

LONDON--ArcelorMittal (MT) said Wednesday it has launched an offer to buy back all $1.5 billion in notes due in June 2019.

The notes have an annual coupon of 9.85% and must be tendered up until May 18 to qualify for the offer.

The Luxembourg-based steelmaker, the world's largest by output, said it would fund the purchase with cash raised from its $3.2 billion rights issue in April.

The company had net debt of $17.3 billion as of the end of March.

 

Write to Alex MacDonald at alex.macdonald@wsj.com

 

(END) Dow Jones Newswires

May 11, 2016 10:08 ET (14:08 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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