Anglo American resurfaces with $1 billion two-part notes offering; pricing Monday

By Paul A. Harris

Portland, Ore., April 3 – Anglo American plc returned to the high-yield market on Monday with a $1 billion dollar-only two-part offering of senior notes (Ba1/BB+), according to a market source.

The notes are being issued through the company’s Anglo American Capital plc subsidiary.

The offering features five-year notes with initial guidance of 4¼% to 4 3/8% and 10-year notes with initial guidance of 5 1/8% to 5¼%.

Joint global coordinator Citigroup Global Markets Inc. will bill and deliver for the deal, which is being given a high-grade execution, the source said. Morgan Stanley & Co. is also a joint global coordinator.

Anglo American kicked off a benchmark dual-currency offering – dollars and euros – in the middle of March with investor meetings, then shelved the offering after finding rates insufficiently attractive, sources said.

The London-based mining company plans to use the proceeds to fund tender offers for outstanding notes with maturities ranging from 2018 to 2020.

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