By Cristal Cody
Tupelo, Miss., Sept. 6 – Anglo American plc priced $1.3 billion of notes (Baa3/BBB-/BBB-) in two tranches on Wednesday in the company’s first offering as an investment-grade rated issuer, according to market sources.
The company sold $650 million of 3.625% notes due Sept. 11, 2024 on top of price talk at a spread of Treasuries plus 170 basis points.
Anglo American priced $650 million of 4% notes due Sept. 11, 2027 at a spread of Treasuries plus 190 bps, in line with guidance.
Barclays, BNP Paribas Securities Corp., Mizuho Securities USA LLC and RBC Capital Markets, LLC were the bookrunners.
The company was upgraded to investment grade in August by S&P Global Ratings and Fitch Ratings and at the start of September by Moody’s Investors Service.
Anglo American is a London-based mining company.
| Issuer: | Anglo American plc
|
| Amount: | $1.3 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Mizuho Securities USA LLC and RBC Capital Markets, LLC
|
| Trade date: | Sept. 6
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Seven-year notes
|
| Amount: | $650 million
|
| Maturity: | Sept. 11, 2024
|
| Coupon: | 3.625%
|
| Spread: | Treasuries plus 170 bps
|
| Price guidance: | Treasuries plus 170 bps area
|
|
|
| 10-year notes
|
| Amount: | $650 million
|
| Maturity: | Sept. 11, 2027
|
| Coupon: | 4%
|
| Spread: | Treasuries plus 190 bps
|
| Price guidance: | Treasuries plus 190 bps area
|
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