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Rio Tinto to buy back $1.5B in debt

Apr. 21, 2016 12:44 PM ETRio Tinto Group (RIO) StockRIOBy: Carl Surran, SA News Editor
  • 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

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