BHP prepares to raid the debt market
PERTH (miningweekly.com) – Mining major BHP Billiton will undertake global debt investor marketing, with the company saying it is contemplating raising additional funding for general corporate purposes, including refinancing its near-term debt maturities.
Marketing efforts would be focused across Europe, Asia and the US, and would start on September 28.
The miner said the increasing interest in hybrid capital by global debt investors, combined with the relatively low interest rate environment, made this an opportune time for BHP to consider hybrid capital instruments.
Additional advantages of these types of instruments include further diversification of BHP’s debt investor base, an expected 50% equity and 50% debt treatment by the ratings agencies and valuable flexibility to support a solid A credit rating through the cycle.
However, the miner stressed that it would not consider a hybrid financing structure that contains any rights to convert security into shares.
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