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Anglo American to redeem all $1.7 billion of 4% convertibles due 2014
By Tali David
Minneapolis, March 23 - Anglo American plc plans to redeem all of the remaining $1.7 billion of its 4% convertible bonds due 2014, according to a filing with the London Stock Exchange.
On May 22, Anglo American will redeem all of the bonds at par plus $166.67 of accrued interest per $100,000 principal amount.
The company is exercising the call option after the volume weighted average price for 20 dealing days within the 30 consecutive dealing day period ended on March 16 was at least 130% of the conversion price.
The current conversion price of the bonds is £18.36 per ordinary share and the closing price of the shares on March 21 was £25.03 per share.
As of March 21, there was $1,699,200,000 of the bonds outstanding.
London-based Anglo American is a mining group with operations in Africa, Europe, South and North America and Asia.
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