AngloGold Ashanti (AGA) has confirmed the pricing of its capped cash tender offers after bondholders tendered significantly more debt than the company was willing to repurchase, forcing it to accept only a portion of one series and to reject another entirely.
The pricing announcement, released on Monday 14 April 2026, marks the next stage of the buyback programme that the gold miner launched on 30 March 2026. The company had set a total cap of $650 million across three series of bonds.
By the early tender deadline of 13 April 2026, holders had submitted $558.6 million of the 3.375 percent notes maturing in 2028, $446.5 million of the 3.750 percent notes due in 2030, and $78.9 million of the 6.500 percent notes due in 2040. In total, the tendered amounts exceeded the $650 million aggregate cap, triggering proration on the 2030 notes and a full rejection of the 2040 notes.
AngloGold Ashanti Holdings plc, the Isle of Man-incorporated subsidiary that issued the notes and guaranteed by the parent company, will accept the entire $558.6 million of 2028 notes tendered. For the 2030 notes, it will accept only $106.6 million of the $446.5 million submitted, applying a proration factor of approximately 28.78 percent. None of the 2040 notes tendered will be purchased. Bonds not accepted will be returned promptly to their holders.
The total consideration determined for accepted notes works out to $978.03 per $1,000 principal amount of 2028 notes and $973.26 per $1,000 principal amount of 2030 notes, both inclusive of an early tender payment of $50 per $1,000 principal amount. The yields used to price the offers were 3.796 percent for the 2028 notes and 3.917 percent for the 2030 notes, calculated against relevant United States Treasury (UST) benchmarks with fixed spreads of 50 basis points.
Payment to holders whose notes were accepted is expected on the Early Settlement Date of 16 April 2026. The offers formally expire on 28 April 2026, though the company has indicated it will not accept any further notes tendered after the early deadline unless it raises the aggregate cap.
Citigroup Global Markets Limited and Goldman Sachs and Co. LLC are acting as dealer managers. Kroll Issuer Services Limited is serving as the information and tender agent.
AngloGold Ashanti trades on the New York Stock Exchange (NYSE) under the ticker AU, on the Johannesburg Stock Exchange (JSE) under the ticker ANG, and maintains listings on the Ghana Stock Exchange (GSE).
