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BhpBill - increased offer cap
BHP Billiton Finance (USA) Ltd. (the Company), a wholly-owned subsidiary of BHP Billiton Ltd., announced the Offer Cap for the tender offers for its USD529 978 000 3.250% Senior Notes due 2021, its USD859 938 000 2.875% Senior Notes due 2022 and its USD1 500 000 000 3.850% Senior Notes due 2023 (the Tender Offers).
The Offer Cap amount is an aggregate purchase price (excluding accrued and unpaid interest) of the global aggregate cap less the aggregate purchase price (excluding accrued and unpaid interest) of the notes validly tendered and accepted for purchase in the previously announced tender offers for notes outstanding under BHP’s Euro Medium Term Note Programme (the Euro Tender Offers).
BHP will spend USD1 941 124 380.13 purchasing notes under the Euro Tender Offers.
Following the strong participation in the Euro Tender Offers, BHP is pleased to announce that it has increased the global aggregate cap from USD2 500 000 000 to USD2 941 124 380.13. The Offer Cap amount for the repurchase of Notes in the Tender Offers is therefore USD1000 000 000.
The Tender Offers have been made pursuant to the terms and conditions set forth in the offer to purchase, dated 21 August 2017 (the Offer to Purchase). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase.
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BhpBill - indicative results of bond repurchase
BHP Billiton Finance Ltd. (the EMTN Issuer), a wholly owned subsidiary of BHP Billiton Ltd., announced the pricing and final results (as set forth in the table below) of its previously announced euro bond repurchase plan which targeted: (i) EUR1 250 000 000 2.125% Notes due November 2018 (the 2018 Notes); (ii) EUR600 000 000 Floating Rate Notes due April 2020; (iii) EUR1 250 000 000 2.25% Notes due September 2020; (iv) EUR650 000 000 0.75% Notes due October 2022; (v) EUR750 000 000 3.00% Notes due May 2024; and (vi) GBP750 000 000 3.25% Notes due September 2024 (each being a Series and any notes within any such Series being referred to as Notes). Eligible holders (the Holders) of the Notes were invited by the EMTN Issuer to make offers to tender all or any of their Notes for repurchase for cash (each such invitation an Offer and together the Offers).
The Offers were made pursuant to the terms and conditions set forth in the tender offer memorandum dated 21 August 2017 (the Tender Offer Memorandum). Terms not defined in this announcement have the meanings given to them in the Tender Offer Memorandum.
The EMTN Issuer has accepted for purchase the following Notes (which excludes any 2018 Notes) and the table below contains a summary of the final pricing of the Offers. No Pro-Rating Factor will be applied to any of the Series.
The total Final Acceptance Amount for Notes accepted for repurchase in the Offers is USD1 941 124 380.13.
The Settlement Date for the Notes accepted for repurchase in the Offers is expected to be 5 September 2017, the fourth Business Day after the Expiration Deadline, or as soon as reasonably practicable thereafter.
Holders will also receive Accrued Interest on the Notes validly tendered and accepted for purchase in the Offers from (and including) the immediately preceding interest payment date for such Notes to (but excluding) the Settlement Date, in each case determined in accordance with the terms and conditions of the relevant Series.
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BHPBill - indicative results in bond repurchase
BHP Billiton Finance Ltd. (the EMTN Issuer), a wholly owned subsidiary of BHP Billiton Ltd., announced the indicative results of its previously announced euro bond repurchase plan which targeted: (i) EUR1 250 000 000 2.125% Notes due November 2018 (the 2018 Notes); (ii) EUR600 000 000 Floating Rate Notes due April 2020; (iii) EUR1 250 000 000 2.25% Notes due September 2020; (iv) EUR650 000 000 0.75% Notes due October 2022; (v) EUR750 000 000 3.00% Notes due May 2024; and (vi) GBP750 000 000 3.25% Notes due September 2024 (each being a Series and any notes within any such Series being referred to as Notes). Eligible holders (the Holders) of the Notes were invited by the EMTN Issuer to make offers to tender all or any of their Notes for repurchase for cash (each such invitation an Offer and together the Offers).
The Offers were made pursuant to the terms and conditions set forth in the tender offer memorandum dated 21 August 2017 (the Tender Offer Memorandum). Terms not defined in this announcement have the meanings given to them in the Tender Offer Memorandum. The Offers expired at 4.00 p.m., London time, on 30 August 2017 (the Expiration Deadline).
The EMTN Issuer hereby announces its indicative and non-binding intention (subject to confirmation by the EMTN Issuer in its sole and absolute discretion) to accept all valid tenders of Notes in any Series excluding any 2018 Notes, as set out in the table below. No Pro-Rating Factor will be applied to any of the Series.
Pricing and Results
Pricing will take place at or around 1.00 p.m., London time (the Pricing Time) today, 31 August 2017. As soon as reasonably practicable after the Pricing Time, the EMTN Issuer will announce whether it accepts valid tenders of Notes pursuant to any or all of the Offers and, if so accepted, (i) the Interpolated Mid-Swap Rate (if applicable), (ii) the UKT Rate (if applicable), (iii) the Tender Offer Yield for each Series (if applicable), (iv) the Tender Offer Price for each Series (if applicable), (v) the Final Acceptance Amount, (vi) the allocation of the Final Acceptance Amount between each Series, and (vii) the aggregate principal amount of Notes in each Series that will remain outstanding after the Settlement Date for the Notes, which is expected to be 5 September 2017, the fourth Business Day after the Expiration Deadline, or as soon as reasonably practicable thereafter.
Holders will receive Accrued Interest on the Notes validly tendered and accepted for purchase in the Offers from (and including) the immediately preceding interest payment date for such Notes to (but excluding) the Settlement Date, in each case determined in accordance with the terms and conditions of the relevant Series.
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BHPBill - board changes
BHP Chairman, Jac Nasser, announced the appointment of Terry Bowen and John Mogford to the BHP Board as independent non-executive directors, effective 1 October 2017.
Mr Nasser also announced that, given his involvement in ongoing legal proceedings in Italy relating to his prior employment with Shell, Malcolm Brinded has decided not to stand for re-election as a non-executive director at the 2017 annual general meetings of BHP, with 18 October 2017 to be Mr Brinded’s final day on the board of BHP.
In addition, owing to concerns expressed by some investors, Grant King has decided that he will not stand for election at the 2017 annual general meetings of BHP, and will retire from the board on 31 August 2017.
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BHPBill - launches euro bond repurchase plan
BHPBill announced that the board has approved a global multi-currency bond repurchase plan. The multi-currency plan will comprise two separate transactions, one targeting certain bonds issued under the BHP Euro Medium-Term Notes Programme and another targeting certain bonds issued under the US debt capital markets programme. The multi-currency plan will be subject to a global aggregate cap of USD2.5 billion and will be funded by BHP’s strong USD14.2 billion cash position. Any early repurchase of bonds under either transaction will extend BHP’s average debt maturity profile and enhance the group’s capital structure.
The euro bond repurchase plan will target 2018, 2020, 2022 and 2024 euro denominated Notes and 2024 sterling denominated Notes.
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BHPBill - results presentation
The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:
- BHP Billiton Results Presentation Year Ended 30 June 2017
The document may also be accessed via BHP Billiton’s website - www.bhp.com
The Webcast for this presentation can be accessed at: http://edge.media-server.com/m/p/gtmv9r4e
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BHPBill - launches US bond repurchase plan
BHPBill announced that the board has approved a global multi-currency bond repurchase plan. The multi-currency plan will comprise of two separate transactions, one targeting certain bonds issued under BHP’s US debt capital markets programme and another targeting certain bonds issued under the Euro Medium-Term Notes Programme. The multi-currency plan will be subject to a global aggregate cap of USD2.5 billion and will be funded by BHP’s strong USD14.2 billion cash position. Any early repurchase of bonds under either transaction will extend BHP’s average debt maturity profile and enhance the group’s capital structure.
The US bond repurchase plan will target 2021, 2022 and 2023 US dollar denominated Notes.
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BHPBill - approves investment
BHPBill announced approval of capital expenditure of USD2.46 billion for the Spence Growth Option (SGO) at the Spence open-cut copper mine in northern Chile, which will extend the mine life by more than 50 years.
In the first 10 years of operation, incremental production from SGO will be approximately 185 ktpa of payable copper in concentrate and 4 ktpa of payable molybdenum, with first production expected in the 2021 financial year. The current copper cathode stream will continue until the 2025 financial year. The project will convert 1.3 Bt1 of Measured and Indicated Mineral Resources to hypogene sulphide Ore Reserves.
SGO was rigorously evaluated using BHPBill’s Capital Allocation Framework and, at mid-case consensus prices, has an expected internal rate of return of 16 per cent and an expected payback period of 4.5 years from first production.
The SGO project will draw on experience developed in the construction of the Organic Growth Project 1 concentrator and desalination plant at Escondida, and create up to 5,000 jobs during the construction phase. The project includes the design, engineering and construction of a conventional large-scale sulphide concentrator for both copper and molybdenum with a 95 ktpd nominal ore throughput capacity.
In addition, SGO will require a new 1 000 litre per second desalination plant located at Mejillones Bay and a 154 km water pipeline from the plant to the Spence mine site. These will be built and operated by a third party under a Build, Own, Operate and Transfer contract, which has been separately awarded, with nominal, undiscounted value of lease payment obligations over the 20 year contract term totalling USD1.43 billion.
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