Anglo American begins any-and-all, capped tenders for four series

By Susanna Moon

Chicago, Sept. 13 – Anglo American Capital plc said it began tendering for any and all of its €600 million 1½% notes due April 1, 2020.

The issuer also is tendering for a capped amount of three other series of notes equal to the euro equivalent of $750 million excluding accrued interest, according to a notice by Anglo American plc on Wednesday.

Pricing for the any-and-all offer will be set using the April 2020 interpolated mid-swap rate plus 15 basis points.

In the capped offer, pricing will be set as follows:

• For the €248.78 million of outstanding €750 million 2½% notes due Sept. 18, 2018, pricing will be set using a fixed purchase yield of negative 0.15% for a price of 102.603 assuming a settlement date of Sept. 25;

• For the €574,004,000 of outstanding €750 million 2Ύ% notes due June 7, 2019, pricing will be set using a fixed purchase yield of negative 0.10% for a price of 104.848 assuming a settlement date of Sept. 25; and

• For the €600 million 2 7/8% notes due Nov. 20, 2020, pricing will be set using the November 2020 interpolated mid-swap rate plus 20 bps.

The tender offers will remain open until 11 a.m. ET on Sept. 20, with settlement set for Sept. 25.

Pricing will be set at 8 a.m. ET on Sept. 21.

The company said it reserves the right to determine the allocation of the capped spending amount between one or more note series.

Anglo American is holding the tender offers as part of its “ongoing proactive capital management and are aimed at extending the company's debt maturity profile,” the release noted.

Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com), Credit Agricole CIB (+44 20 7214 5733 or liability.management@ca-cib.com), MUFG Securities EMEA plc (+44 20 7577 4048/+44 20 7577 4218 or DCM-LM@int.sc.mufg.jp) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or angloamerican@lucid-is.com) is the tender agent.

Anglo American is a subsidiary of London-based mining company Anglo American plc.

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