Anglo American wraps, prices capped tender offers for four note series

By Susanna Moon

Chicago, Sept. 21 – Anglo American Capital plc announced the results of its tender for any and all of its €600 million 1½% notes due April 1, 2020 and capped offers for three more note series.

The tender offers ended at 11 a.m. ET on Sept. 20, with settlement set for Sept. 25.

Anglo American will accept for purchase all of the tendered notes with no pro rata scaling, according to a company notice on Thursday.

The tender results are as follows with pricing set at 8 a.m. ET on Sept. 21:

• €394,631,000 of the 1½% notes with pricing set at 103.661% of par using the April 2020 interpolated mid-swap rate plus 15 basis points for a purchase yield of negative 0.106% and reference rate of 0.044%;

• €88,948,000 of the original €750 million (€248.78 million outstanding) 2½% notes due Sept. 18, 2018 with pricing set at 102.603 using a fixed purchase yield of negative 0.15% and assuming a settlement date of Sept. 25;

• €216,508,000 of the original €750 million (€574,004,000 outstanding) 2¾% notes due June 7, 2019 with pricing set at 104.848 using a fixed purchase yield of negative 0.10% and assuming a settlement date of Sept. 25; and

• €245,723,000 of the €600 million 2 7/8% notes due Nov. 20, 2020 with pricing set at 108.479% using the November 2020 interpolated mid-swap rate plus 20 bps for a purchase yield of negative 0.024% and reference rate of 0.176%.

After settlement, the outstanding amount will be €205,369,000 for the 1½% notes, €159,832,000 of the 2½% notes, €357,496,000 of the 2¾% notes and €354,277,000 of the 2 7/8% notes.

As announced Sept. 13, the issuer had been tendering for a capped amount of three other series of notes equal to the euro equivalent of $750 million excluding accrued interest.

The company previously reserved the right to determine the allocation of the capped spending amount between one or more note series.

Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com), Credit Agricole CIB (+44 20 7214 5733 or liability.management@ca-cib.com), MUFG Securities EMEA plc (+44 20 7577 4048/+44 20 7577 4218 or DCM-LM@int.sc.mufg.jp) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or angloamerican@lucid-is.com) is the tender agent.

Anglo American is a subsidiary of London-based mining company Anglo American plc.

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