Photo by: Bloomberg
PERTH (miningweekly.com) – Mining major Rio Tinto has launched a $2.25-billion debt reduction programme.
Under the plan, Rio has issued redemption notices for some $1.4-billion of four series of its US-dollar denominated notes, maturing in 2021 and 2022, and has started invitations to holders outside of the US to sell up to around $850-million of two series of its Euro-denominated notes maturing in 2020 and 2024.
This latest bond purchase formed part of Rio’s ongoing capital management plan, and followed the completion of a series of $10-billion US-dollar denominated note redemptions and repurchases in 2016 and 2017.