Anglo American Plc Plan Sale of $1.1 Billion of Seven Year Bonds

Rochester, New York 11/25/2009 01:40 AM GMT (TransWorldNews)

Anglo American Plc (AAUKY.PKS) may have plans to sell $1.1 billion of seven year bonds. The bond will yield 137 basis points above the benchmark mid-swap rate. The company is currently working to cut costs and sell assets to shore up their balance sheet following the proposed merger from Xstrata Plc in June.

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The money Anglo American is raising from the bond market will mainly be used to help refinance their roll-over debt from the previous year. The company's CEO, Cynthia Carroll plans to save $2 billion of the company's costs by 2011 by cutting over 20,000 jobs.

Anglo American plc is a mining and natural resource company. With its subsidiaries, joint ventures and associates, it is a global player in platinum group metals and diamonds, with interests in coal, base and ferrous metals, as well as an industrial minerals business and a stake in AngloGold Ashanti Limited.

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