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Financial Markets Anglo American launches US$1.5 billion bonds
Financial Markets Anglo American launches US$1.5 billion bonds
| Anglo American launches US$1.5 billion bonds |
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| Written by Administrator | |||
| Friday, 24 April 2009 11:48 | |||
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Anglo American this week launched a US$1.5 billion convertible bond. The company said the bonds, due in 2014, would further strengthen its balance sheet, diversify its sources of funding and lengthen its debt maturity profile. “The proceeds of the offering will be used for general corporate purposes. Under the terms of the offering, there will be a 90 day lock-up period on issuances or sales of shares or equity-linked securities by the company, subject to certain customary exceptions,” the company said. Anglo American said aggregate principal amount of the issue is US$1.5 billion, which may be increased to US$1.7 billion in the event the over-allotment option granted to the Joint Bookrunners is exercised in full. The bonds will be convertible into new ordinary shares of Anglo American plc and are expected to have a semi-annual coupon, the company said. They will be issued at 100% of their principal amount and, unless previously redeemed, converted or cancelled, will mature on the fifth anniversary of the issue of the bonds in 2014. The company will have the option to call the bonds after the first three years, should the price of the shares exceed 130% of the then prevailing conversion price over a specified period. “Application will be made to the London Stock Exchange plc for the bonds to be listed on the official list of the London Stock Exchange and to be admitted to trading on the London Stock Exchange’s Professional Securities Market. Listing particulars will be prepared in connection with the listing of the bonds,” the company said.
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