Miner is buying high-yield bonds

ANGLOGOLD Ashanti, the world’s third-largest gold producer, said owners of almost 96 percent of the $810 million (R11 billion) in highyield bonds agreed to accept its offer to buy the bonds. The move will help lower the company’s interest bill. In response to its offer to redeem $810m of its $1.25bn, 8.5 percent bond due in July 2020, holders with $774.9m accepted, the miner said yesterday. Those investors would receive $1 075 for every $1 000 of the securities. The bond traded at a bid price of 102.11, or $1 021 for every $1 000 of bonds, before the offer was made on August 24. Remaining investors have until September 23. AngloGold will pay for the debt from the sale of its Cripple Creek & Victor Mine to Newmont Mining Corp for $820m. – Bloomberg