Anglo American, which said its $11bn debt load is "sustainable", has issued convertible bonds to raise between $1.5bn and $1.7bn for general corporate purposes. These will include refinancing borrowings in 2009 and 2010.
Anglo in April issued a $2bn bond in the United States, which was massively oversubscribed and could have prompted the diversified group to issue this second bond, which will mature in 2014.
The $2bn bond issue attracted $7bn worth of demand. It appears Anglo is striking while the iron is hot to raise more capital in the bond market.
"Bear in mind there was a very positive response to that earlier issue, I suppose they're linked in so much as we were aware there was a strong appetite for bonds in the market," said Anglo spokesperson James Wyatt-Tilby.
The $1.5bn convertible bond placed with investors outside the United States could increase to $1.7bn by the end of April if the full over-allotment option is exercised by the joint bookrunners, Goldman Sachs and Morgan Stanley & Co International.
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