New York, April 8 - Anglo American plc upsized its offering of five-year convertible bonds to $1.1 billion from $1 billion and priced it at par to yield 3 3/8% with an initial conversion premium of 35% over the closing level of Anglo American stock on Friday, according to the company.
Bookrunner for the offering was Schroder Salomon Smith Barney. Cazenove acted as financial adviser to Anglo American. The deal was not registered for sale in the U.S. but was available under Rule 144A.
Proceeds will be used to pay down debt and for general corporate purposes, the mining company said.
| Issuer: | Anglo American plc
|
| Size: | $1.1 billion
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| Maturity: | April 17, 2007
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| Coupon: | 3 3/8% payable semi-annually
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| Price: | Par
|
| Initial conversion premium: | 35%
|
| Conversion price: | £16.13 ($23.12 at exchange rate of $1.433:£1)
|
| Settlement: | April 17
|
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