Anglo American plc launched a US$1.5 billion, convertible bond
Anglo American launches $1.5 bln convertible bond on Thursday to help strengthen its balance sheet and lengthen its debt profile.
Anglo, the world’s fourth-biggest diversified mining group by market value, said the bonds were expected to have a semi-annual coupon of 4.25 a year. The initial conversion price was expected to be set at a premium of 30 over the current share price, a statement said.
The total amount of the bonds could be increased to US$1.7 billion under an overallotment option to joint bookrunners Goldman Sachs International and Morgan Stanley & Co International Plc. Final terms of the bond were due to be announced later on Thursday. The proceeds would be used for general corporate purposes, Anglo said.
On Wednesday, Anglo Chairman Mark Moody-Stuart told the group’s annual general meeting that its US$11 billion of borrowing was sustainable.
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