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Rio Tinto's US$781M cash tender offers get oversubscribed

Rio Tinto will cut its gross debt by about US$781 million under cash tender offers announced in May as part of a plan to slash debt by up to US$2.5 billion.

In May, Rio Tinto Finance (USA) plc and Rio Tinto Finance (USA) Ltd. made cash tender offers to purchase up to about US$781 million of the outstanding securities, according to the June 6 release.

The two units offered to purchase the conglomerate's 4.125% notes due 2021, 3.75% notes due 2021, 3.5% notes due 2022, 2.875% notes due 2022 and 3.75% notes due 2025, ranked in descending priority.

The offer was set to expire June 19, but was oversubscribed on June 5.

The company had also issued a redemption notice for about US$1.72 billion of its 2019 and 2020 U.S. dollar-denominated notes.