16th Jun 2014 09:07
LONDON (Alliance News) - Glencore PLC Monday said it will buy back the USD2.3 billion 5.00% convertible bonds due 2014.
It said it is targeting an aggregate principal amount of approximately USD600 million for the repurchase, which it will finance through its balance sheet.
Glencore will pay an amount determined by a so-called modified Dutch auction procedure, with a minimum purchase price per bond of 108.50% of the principal amount of a bond, excluding accrued interest per bond of USD 2,361.11.
Glencore shares were up 2% at 324.35 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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