Rio Tinto is taking advantage of its strong liquidity position to further reduce gross debt, today launching a bond purchase plan for up to $3 billion.
Under the plan, Rio Tinto has issued a redemption notice for approximately $1.5 billion of its 2017 and 2018 US dollar-denominated notes and commenced cash tender offers to purchase up to approximately $1.5 billion of its 2019, 2020, 2021 and 2022 US dollar-denominated notes.
Today's announcement is part of the Rio Tinto Group's ongoing capital management and follows the successful completion of $4.5 billion cash tender offers earlier this year.
In April, Rio Tinto launched a programme to purchase $1.5 billion of its 2017 and 2018 notes and in June it announced plans to purchase $3 billion of its 2018, 2020, 2021 and 2022 notes. Both offers were successfully completed. In June, $1.5 billion of notes also matured and were repaid with cash.
At 3:36pm: (LON:RIO) Rio Tinto PLC share price was -27.25p at 2491.75p