Anglo American launches buyback

摘要

Mining giant anglo American is looking to buy back up to US$1.3bn-equivalent of its outstanding bonds, as it seeks to tackle short-term maturities and demonstrate its strength despite losing its investment-grade rating. Anglo is targeting a total basket of US$5.4bn-equivalent of euro, sterling and US dollar bonds, with maturities ranging from December 2016 to September 2018. The tender was announced hours after S&P downgraded the company by two notches to BB, becoming the third ratings agency to strip Anglo of an investment-grade rating last week. The global miner also announced further details of its restructuring plan on Tuesday, laying out a series of potential asset sales to reduce debt.