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Anglo American's debt buyback offer closes undersubscribed

Anglo American PLC's recently announced cash tender offer to repurchase 2019, 2020 and 2021 notes closed undersubscribed.

The mining giant said March 15 that it received valid acceptances for €590.8 million of the notes, significantly below its €1.67 billion target.

The offer included €750.0 million of 2.750% notes due June 7, 2019, €600.0 million of 1.50% notes due April 1, 2020, €600.0 million of 2.875% notes due Nov. 20, 2020, and €750.0 million of 2.50% notes due April 29, 2021.

Anglo American will pay 103.605% of the value for each US$1,000 principal amount of June 2019 notes plus 2.14726% interest and will pay 103.053% for each April 2020 note with 1.44658% interest.

Holders of the November 2020 notes will receive 107.598% of the value for each US$1,000 principal amount of notes with 0.93733 interest and 107.340% on each April 2021 note with 2.21918% interest.

Settlement is expected March 19.

Anglo American CEO Mark Cutifani recently said the company's sustainability drive is expected to earn it an additional US$9 billion through 2030 by improving mining methods and relations with governments as well as the communities where it operates.