Rio Tinto buys back $1.74bn in debt
Mining giant Rio Tinto said it was buying back $1.74bn in debt securities as part of its plan to reduce gross debt and shore up its balance sheet against a backdrop of low iron ore prices.
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The company said it had accepted $943m in 6.5% notes due 2018 which will be purchased at a price of $1,108.33 per $1,000 principal amount of notes and $804m in 2.25% notes due 2018 will be bought at $1,024.36 per $1,000 principal amount of notes.
The notes will be cancelled after purchase, Rio Tinto said.