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Rio Tinto seeks to reduce debt through $2.5bn bond buyback

22nd May 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Global mining giant Rio Tinto on Monday launched a $2.5-billion bond buyback plan to reduce its gross debt.

Under the plan, Rio Tinto has issued a redemption notice for $1.72-billion of its 2019 and 2020 dollar-denominated notes and started cash tender offers, through Rio Tinto Finance, to buy up to $781-million of its five 2021, 2022 and 2025 dollar-denominated notes.

This forms part of Rio Tinto’s ongoing capital management plan and follows the successful completion of a series of $7.5-billion note redemptions and repurchases in 2016.

The offers will expire on June 20.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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