Rio Tinto Seeks to Raise as Much as $9 Billion for Arcadium Lithium Buyout

Bloomberg
11 Mar

(Bloomberg) -- Rio Tinto Plc is tapping the US investment-grade bond market Tuesday to raise between $7 billion and $9 billion for its just-closed acquisition of Arcadium Lithium Plc, according to people familiar with the matter.

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A unit of the world’s second-biggest miner is looking to sell bonds in as many as eight parts, said one of the people, who like the others asked not to be identified as the details are private. The longest portion of the deal, a 40-year note, may yield around 1.625 percentage points over Treasuries, the person added.

Rio Tinto didn’t immediately reply to a request for comment.

The miner completed its $6.7 billion purchase of Arcadium last week, a deal initially funded by bridge financing and intended to be replaced by longer-term debt.

The bond offering was occurring as markets showed some signs of stabilizing Tuesday morning. A broad selloff Monday prompted by recession fears kept many potential borrowers on the sidelines. Rio Tinto is among 11 issuers looking to sell US investment-grade debt Tuesday.

$Bank of America Corp(BAC-N)$., BNP Paribas, $Citigroup Inc(C-N)$., JPMorgan Chase & Co., Mizuho Financial Group Inc. and Royal Bank of Canada are leading Rio Tinto’s note sale.

(Updates throughout.)

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