The covenant consent process does not increase the borrowing costs under these facilities unless the leverage ratio of net debt to ebitda rises above 3.5x.
The Company has received consents from lenders aggregating above 90% of commitments in each Facility with no declines to date. While a number of lenders continue to work on the request, the consent threshold for each Facility has been comfortably achieved. Further details will be made available by the Company alongwith Earnings Announcement for second Quarter on July 29th.
Calyon and HSBC Bank plc acted on behalf of ArcelorMittal as the Coordinators for the amendment process.