BHP Sells $6.5 Billion of Hybrids as It Seeks to Protect Rating
- Mining giant priced five-part deal in dollars, euros, pounds
- Anglo-Australian miner balancing credit rating and dividends
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BHP Billiton Ltd. sold the equivalent of about $6.5 billion of bonds in dollars, euros and pounds using debt instruments that help protect its credit rating.
The world’s largest miner sold $2.25 billion of dollar-denominated hybrid notes due in 2075 that can be bought back after 10 years and another $1 billion of similar maturity that can be repurchased after just five years. It also sold 2 billion euros ($2.3 billion) of hybrids in two separate tranches and 600 million pounds ($929 million) of U.K. debt. The euro and pound issues each have tenors of more than 60 years with the possibility of early redemption by the issuer.