22nd Mar 2016 09:24
LONDON (Alliance News) - Anglo American PLC on Tuesday said it has completed its bond buyback programme covering euro, sterling and US dollar-denominated maturities.
The miner said it used USD1.7 billion in cash to retire USD1.83 billion in contractual repayment obligations on bonds maturing from December 2016 to September 2018, resulting in its net debt being reduced by USD130 million.
Anglo said its 2016 bond maturities have been reduced by USD250.0 million, its 2017 maturities by USD680.0 million and its 2018 maturities by USD900.0 million.
"The bond buybacks will benefit Anglo American by USD190 million in total. We will continue to actively manage our debt profile as we progress with the group's portfolio restructuring," said Finance Director Rene Medori.
Shares in Anglo were down 0.7% to 546.60 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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