ArcelorMittal U.S. lands up to $1 billion in financing
The credit is expected to close in the second quarter of 2016. This facility will be secured by inventory and certain other working capital and related assets of ArcelorMittal USA and certain of its subsidiaries in the United States.
The facility will be used for general corporate purposes of ArcelorMittal USA and its subsidiaries. The facility is not being guaranteed by ArcelorMittal.
In line with its financial policy, ArcelorMittal does not intend to pursue additional secured financing beyond this single asset-based facility.
Total secured debt at end December 31, 2015 was $625 millio, 3.2% of total gross debt, and consisted primarily of capital leases. ■