By Adria Calatayud
Rio Tinto PLC 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 for $1.7 billion.
Write to Adria Calatayud at [email protected]
Stocks mentioned in the article : Rio Tinto, Glencore