Rio Tinto accepted €431.6 million of its euro-denominated notes due 2020 and 2024 for purchase as part of measures to cut its gross debt by about US$2.25 billion, according to indicative tender results released March 28.

The company will purchase €348.3 million of its 2020 notes and €83.3 million of 2024 notes as part of its cash tender offer to buy back about US$850 million equivalent of the notes.

The tender offer closed March 27.

Rio Tinto also issued redemption notices for about US$1.4 billion of four series of its U.S. dollar-denominated notes maturing in 2021 and 2022.

The diversified commodities giant recently agreed to divest its coal portfolio in Queensland, Australia, in multiple deals for a total of about US$4.15 billion.

Most recently, Rio Tinto agreed to sell its 80% stake in the Kestrel thermal and metallurgical coal mine to EMR Capital and PT Adaro Energy Tbk. for US$2.25 billion.