Rio Tinto to Reduce Debt With $2.25 Billion Bond Purchase, Redemption Plan
March 20 2018 - 8:18AM
Dow Jones News
By Adria Calatayud
Rio Tinto PLC (RIO.LN) said Tuesday that it is launching a bond
purchase and redemption plan worth up to $2.25 billion to reduce
its gross debt.
The Anglo-Australian miner said it has issued redemption notices
for approximately $1.4 billion of its U.S. dollar-denominated notes
maturing in 2021 and 2022. It has also started invitations to
holders outside the U.S. for up to $850 million equivalent of its
euro-denominated notes maturing in 2020 and 2024. This
debt-reduction program follows a series of $10 billion U.S.
dollar-denominated note redemptions and repurchases in 2016 and
2017, the miner said.
Rio Tinto will use some of its surplus liquidity to make these
purchases, it said. Separately on Tuesday, the miner said it would
sell its interests in two Australian coal assets to Glencore PLC
(GLEN.LN) for $1.7 billion.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 20, 2018 08:03 ET (12:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Jul 2023 to Jul 2024