JOHANNESBURG (miningweekly.com) – Mining major Rio Tinto plans to reduce its gross debt by $781-million through cash tender offers as part of its ongoing capital management plan.
Rio Tinto Finance Plc and Rio Tinto Finance Ltd have made cash tender offers to buy up to $781-million of the outstanding securities due between 2021 and 2025.
The offer, which commenced on May 22 and will expire on June 19, was oversubscribed by June 5.
Rio said in an update to shareholders that the securities purchased would be retired and cancelled and no longer remain outstanding.
Further, Rio Tinto has issued a redemption notice for June 21 for about $1.7-billion of its 2019 and 2020 dollar-denominated notes.
The redemption, along with the offer, will bring the total principal amount of notes repurchased in June to $2.5-billion.
The dealer managers for the offer are Mizuho Securities USA, Morgan Stanley & Co and RBS Securities.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
