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Rio Tinto prices cash tender offers under US$2.5B debt buyback

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Rio Tinto prices cash tender offers under US$2.5B debt buyback

Rio Tinto on June 6 priced the cash tender offers announced in May as part of a plan to reduce debt by up to US$2.5 billion.

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.

Rio Tinto Finance (USA) Ltd. will pay US$1,080.05 per US$1,000 principal amount of its 4.125% notes due 2021 and US$1,066.93 per US$1,000 principal amount of 3.75% notes due 2021.

Meanwhile, Rio Tinto Finance (USA) plc will pay US$1,057.76 per US$1,000 principal amount of its 3.500% notes due 2022 and US$1,028.77 per US$1,000 principal amount of its 2.875% notes due 2022.

The offer was set to expire June 19. However, the early settlement right was exercised, pulling the settlement date to June 7.

The company had also issued a redemption notice for about US$1.72 billion of its 2019 and 2020 U.S. dollar-denominated notes. The redemption date is June 21.

The redemption along with the cash tender offer will bring the total amount of notes repurchased in June to US$2.5 billion.