- Rio Tinto (RIO -2.7%) says it has launched cash tenders to buy back as much as $1.5B of debt due in 2017 and 2018 as it seeks to reduce its debt load.
- Rio is offering cash through April 27 to purchase its $500M of 2% notes due 2017 and $1.25B of 1.625% bonds maturing the same year; the tenders are expected to close in early May depending on whether certain conditions are met.
- Rio's move is the latest of several companies battered by the commodities rout attempting to shore up their balance sheets.
- Now read Digging deeper into Rio Tinto's latest iron ore production numbers