Arcelor-Mittal South Africa, the subsidiary of the Luxembourg-based steel company, placed a ZAR4.5 billion rights offer to restructure its debt.
The company had reported a net loss of $7.95 billion for 2015; for comparison, the company's 2014 net loss was $1.86 billion, this is largely due to lower steel demand.
Goldman Sachs, Bank of America Merrill Lynch and Crédit Agricoleacted as joint global cordinators and joint bookrunners
Barclays, BNP Paribas, Citigroup, J.P. Morgan and Société Générale Corporate & Investment Banking acted as joint bookrunners.
Nedbank Corporate & Investment Banking also advised on the offer, acting as investment bank, corporate advisor and transaction sponsor.