Published on 3/6/2023 in the Prospect News Investment Grade Daily.
New Issue: Rio Tinto prices $1.75 billion of notes due 2033, 2053
By Wendy Van Sickle
Columbus, Ohio, March 6 – Rio Tinto Finance (USA) plc priced $1.75 billion of notes in two tranches on Monday, according to a news release.
The company priced $650 million of 5% notes due 2033 and $1.1 billion of 5.125% notes due 2053, both guaranteed by Rio Tinto plc and Rio Tinto Ltd.
The notes will feature a make-whole call followed by a par call.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC and SMBC Nikko Securities America, Inc. are the joint lead bookrunners. Bank of China Ltd., London Branch, CIBC World Markets Corp., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are also joint bookrunners.
Proceeds will be used for general corporate purposes.
The metals and mining company is based in London.
| Issuer: | Rio Tinto Finance (USA) plc
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| Guarantors: | Rio Tinto plc and Rio Tinto Ltd.
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| Amount: | $1.75 billion
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| Issue: | Notes
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| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC and SMBC Nikko Securities America, Inc. (lead) and Bank of China Ltd., London Branch, CIBC World Markets Corp., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
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| Co-managers: | ANZ Securities, Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, nabSecurities, LLC, Natixis Securities Americas LLC and Westpac Banking Corp.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Linklaters LLP for English and American law, Allens for Australian law
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| Counsel to underwriters: | Allen & Overy LLP
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| Pricing date: | March 6
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| Distribution: | SEC registered
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| 10-year notes
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| Amount: | $650 million
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| Maturity: | March 9, 2033
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| Coupon: | 5%
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| 30-year notes
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| Amount: | $1.1 billion
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| Maturity: | March 9, 2053
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| Coupon: | 5.125%
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