Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 417

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 417
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 ability of ArcelorMittal and its subsidiaries to dispose of assets in certain circumstances. The margin applicable to ArcelorMittal’s principal credit facilities (the Facility and certain other credit facilities) and the coupons on certain of its outstanding bonds are subject to adjustment in the event of certain changes in its long-term credit ratings. On June 16, 2023, Standard & Poor's upgraded ArcelorMittal's outlook to positive and affirmed a long-term credit rating of 'BBB-'. On February 19, 2024, Moody’s revised ArcelorMittal outlook to 'Positive' from 'Stable' on expected strengthening of its business profile and structurally improving its profitability, and affirmed the ‘Baa3’ investment grade rating. The Facility may be used for general corporate purposes and was fully available as of December 31, 2024. The Company makes drawdowns from and repayments on this Facility in the framework of its cash management. On September 30, 2010, ArcelorMittal entered into 500 revolving multi-currency letter of credit facility (the "Letter of Credit Facility"). The Letter of Credit Facility is used by the Company and its subsidiaries for the issuance of letters of credit and other instruments. The terms of the letters of credit and other instruments contain certain restrictions as to duration. The Letter of Credit facility, whose amount and maturity have been revised from time to time, amounted to 395 prior to refinancing through a 445 Letter of Credit Facility entered into on July 31, 2024, with maturity extended from July 31, 2024 to July 31, 2027 and with two extension options for one year each. The Letter of Credit Facility also includes an accordion clause which allows the Company to invite lenders to increase their commitments up to 595 in aggregate. Bonds On January 17, 2024, at maturity, ArcelorMittal fully repaid the outstanding € 529 million ( 579 ) of its € 1.0 billion Fixed Rate Notes due 2024. On June 17, 2024, ArcelorMittal issued 500 of 6.00% Notes due June 17, 2034 and 500 of 6.35% Notes due June 17, 2054. On July 16, 2024, at maturity, ArcelorMittal fully repaid the outstanding 290 of its 750 Fixed Rate Notes due 2024. On December 13, 2024, Arc