Rio Tinto: completes bond buyback; cuts debt.
(CercleFinance.com) - Miner Rio Tinto has successfully completed its bond tender announced last May and has reduced gross debt by a further 2.
5 billion dollars.
Since the start of 2016 the group has now reduced the nominal value of its outstanding bonds from approximately 21 billion dollars to about 9.5 billion dollars.
The early redemption costs are expected to reduce underlying earnings by approximately 180 million dollars in the first half of 2017, the company said.
However, these reductions will be offset by savings in future periods, Rio Tinto added.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
5 billion dollars.
Since the start of 2016 the group has now reduced the nominal value of its outstanding bonds from approximately 21 billion dollars to about 9.5 billion dollars.
The early redemption costs are expected to reduce underlying earnings by approximately 180 million dollars in the first half of 2017, the company said.
However, these reductions will be offset by savings in future periods, Rio Tinto added.
Copyright (c) 2017 CercleFinance.com. All rights reserved.