Rio Tinto Group (ASX:RIO) is raising between $7 billion and $9 billion by selling US dollar bonds to pay for its $6.7 billion acquisition of Arcadium Lithium, multiple media outlets reported Tuesday.
A Rio unit wants to sell the bonds in up to eight tranches, including a 40-year note that may yield around 1.625 percentage points over Treasuries, according to the Australian Financial Review, citing one of the people familiar with the matter.
Funds will be used to pay for the bridge loan used to close Arcadium Lithium's acquisition last week, per the reports. Bank of America, BNP Paribas, Citigroup, JPMorgan Chase & Co, Mizuho Financial Group, and Royal Bank of Canada are said to be leading Rio Tinto's note sale, per the Australian Financial Review.
The bonds sale comes after Rio recently shelved an up to $5 billion capital raise via a share sale due to opposition from certain investors, Bloomberg News reported, citing people with knowledge of the matter.
Rio Tinto did not immediately respond to a request for comment by MT Newswires.
The company's shares were down nearly 2% in recent Wednesday trade.
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