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Rio Tinto to purchase US$1.36B debt under 'any and all' offer

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Rio Tinto to purchase US$1.36B debt under 'any and all' offer

Under Rio Tinto'splan to reduce gross debt through the early repayment of some near term maturingdebt, Rio Tinto Finance (USA) plc has agreed to buy back US$1.36 billion in under its planned US$1.5 billiondebt buyback.

The company previously noted that what is left of the earmarkedUS$1.5 billion after repurchasing the 2017 bonds will be used to buy back Dutchauction securities, which include its 6.500% US$1.75 billion notes and 2.250% US$1.25billion notes due 2018.

Under the any and all offer comprising the 2017 bonds, the companywill purchase US$339 million in aggregate principal amount of its 2% notes due 2017at a price of US$1,006.91per US$1,000 principal amount of notes, and US$1.02 billion in aggregate principalamount of its 1.625% notes due 2017 at a price of US$1,005.85 per US$1,000 principalamount of notes.

The securities purchased will be retired and canceled, and nolonger remain outstanding. Settlement of the offer is scheduled for April 29.

Merrill Lynch Pierce Fenner & Smith Inc. and RBC CapitalMarkets are the lead dealer managers for the offer, with BMO Capital Markets, CIBCWorld Markets, nabSecurities and TD Securities (USA) as co-dealer managers.