POST Online Media Lite Edition


Rio Tinto to buy back $1.36 billion in debt

Staff writer |
Rio Tinto said that it has priced an offer to buy back $1.36bn in debt, as it looks to cut debt amid the downturn in commodity prices.

Article continues below

The company launched the cash tender offers targeting $1.5bn of its 2017 and 2018 notes on 21 April, saying it was "using its strong liquidity position to reduce gross debt through the early repayment of some near term maturing debt".

On Thursday, the miner said that it has accepted for purchase $1.36bn worth of debt.

Rio will buy $339m of its 2% notes due in 2017 at a price of $1,006.91 per $1,000 of loan notes. It will buy $1.02bn of the 1.625% notes due in 2017 at $1,005.85 per $1,000 of loan notes.

What to read next

Rio Tinto $781 million notes buyback oversubscribed
Rio Tinto to reduce debt by up to $2.5 billion
Rio Tinto details $4bn in tax payments amid Australia dispute