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AngloGold plans to buy back $475m of high-yield bonds

Jun 28 2016 13:10
Kevin Crowley


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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - AngloGold Ashanti [JSE:ANG], the world’s third-largest miner of the metal, said it plans to redeem about $475m outstanding on a $1.25bn high-yield bond that was issued in 2013.

AngloGold will pay $1 063.75 for every $1 000 of bonds, exercising the notes’ call option, the Johannesburg-based company said in a statement Tuesday. The coupon on the debt is 8.5% and the sum outstanding attracts an interest charge of $40m a year, spokesperson Stewart Bailey said by phone.

Gold, a haven in times of economic turmoil, has soared 24% this year to $1 314.73 an ounce as the US dialed back expectations for increasing interest rates, growth stalled in China and the UK’s vote to leave the European Union injected fresh uncertainty into global markets. That’s helped AngloGold’s revenue, while the lower South African rand since the start of 2015 has reduced costs.

READ: Moody's sees Brexit boost for SA gold counters

AngloGold will use its $1bn revolving-credit facility and excess cash to repay the bonds, it said. Last year, the company sold its Cripple Creek & Victor mine in the US to Newmont Mining to fund the repurchase of $775m of the high-yield bonds.

anglogold ashanti  |  debt  |  mining  |  bonds


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