Mittal Steel announces US$3.2 billion credit facility

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Overig advies 24/01/2005 08:05
Mittal Steel Company N.V. ("Mittal Steel") today announces that it has mandated ABN AMRO, Citigroup Global Markets Limited, Deutsche Bank AG London and HSBC Bank plc (as Mandated Lead Arrangers and Bookrunners) and CSFB and UBS Limited (as Mandated Lead Arrangers) to arrange a US$3.2 billion unsecured revolving credit facility ("the Facility"). The Facility has been fully underwritten by the Mandated Lead Arrangers. It is expected to launch to the market at the end of January.

The Facility will be used to finance the cash portion of the consideration payable in connection with the proposed merger with International Steel Group Inc. ("ISG"), to refinance certain existing indebtedness of Mittal Steel and its subsidiaries and for general corporate purposes. The Facility will have a maturity of 5 years and the margin will be based on a rating grid. Mittal Steel is currently rated BBB (positive outlook) by S&P.

Mittal Steel’s US$4.5 billion proposed merger with ISG is subject to approval by the shareholders of ISG and Mittal Steel. The transaction is expected to be completed by the end of the first quarter of 2005.

Following completion of the proposed merger, the combined group, which will retain its listing on the NYSE and Euronext Amsterdam (ticker: MT) will be the largest steel company in the world by market capitalisation and steel shipments. The group has pro forma total steel shipments of 43 million tons and pro forma revenues of US$22.5 billion (for the nine months ended September 30, 2004). Mittal Steel has operations in 14 countries on four continents; countries include Canada, The Czech Republic, France, Germany, Kazakhstan, Poland, South Africa and the USA.




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