Anglo American again tenders for $1.35 billion of 3 5/8%, 4.45% notes

By Susanna Moon

Chicago, Sept. 6 – Anglo American Capital plc resumed the tender offer for the $850 million of 3 5/8% senior securities due May 14, 2020 and $500 million 4.45% senior securities due Sept. 27, 2020, which had been cut short earlier this year due to lack of funding.

The notes are guaranteed by Anglo American plc.

Pricing will be set for $1,000 principal amount using the 1.5% U.S. Treasury notes due Aug. 15, 2020 plus a spread of 80 basis points for the 3 5/8% notes and 85 bps for the 4.45% notes.

Holders also will receive accrued interest.

The purchase price will be set at 2 p.m. ET on Sept. 12.

The tender will end at 5 p.m. ET on Sept. 12, with a guaranteed delivery date of 5 p.m. ET on Sept. 14 and settlement expected to occur on Sept. 15.

Anglo American is holding the tenders as part of its ongoing proactive capital management, according to a company announcement.

The joint dealer managers are Barclays (800 438-3242, 212 528-7581, +44 20 3134 8515 or liability.management@barclays.com), BNP Paribas (888 210-4358, 212 841-3059, +44 20 7595 8668 or liability.management@bnpparibas.com), Mizuho Securities USA LLC (866 271-7403, 212 205-7736, +44 20 7090 6442 or LiabilityManagement@us.mizuho-sc.com) and RBC Capital Markets, LLC (877 381-2099, 212 618-7822, +44 20 7029 7063 or liability.management@rbccm.com).

The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 877 783-5524, fax 212 709-3328, anglo@dfking.com or dfking.com/angloamerican).

The company said on March 31 that it had terminated its U.S. tender offer for two series of its notes that had been set to end on April 17 after failing to meet the new issue condition by then.

The offer was announced on March 10, along with a non-U.S. tender offer for six series of notes that was not covered in the notice announcing the termination of the U.S. offer.

The company had planned to issue dollar- and/or euro-denominated notes of benchmark size, with the tender offers contingent on closing of the new issue.

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

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