Rio Tinto Finance (USA) Limited Announces Tender Consideration and Extension of its Cash Tender Offer for Any and All of the Outstanding 5.875% Notes Due July 15, 2013 Issued by Rio Tinto Finance (USA) Limited and Guaranteed by Rio Tinto plc and Rio Tinto Limited

Oct 27, 2010, 14:42 ET from Rio Tinto

NEW YORK, Oct. 27 /PRNewswire/ -- Rio Tinto Finance (USA) Limited announced today the extension of its previously announced tender offer (the "Tender Offer") for any and all of its 5.875% Notes due July 15, 2013 (the "2013 Notes").  The Tender Offer, which had been scheduled to expire at 9:00 a.m., New York City time, on October 27, 2010, has been extended until 9:00 a.m., New York City time, on October 28, 2010 (the "Expiration Date"). The other terms of the Tender Offer are unchanged.  The Withdrawal Date has not been extended and as a result withdrawal rights have terminated for 2013 Notes tendered at or prior to 9:00 a.m., New York City time, on October 27, 2010.  The Settlement Date is now expected to be November 2, 2010.

Rio Tinto Finance (USA) Limited also announced today that, as of 9:00 a.m., New York City time, on October 27, 2010, approximately $1.9 billion principal amount of 2013 Notes, representing approximately 76% of the outstanding 2013 Notes, were validly tendered in the Tender Offer and not validly withdrawn.

The reference yield and Tender Consideration were determined at 2:00 p.m., New York City time, on October 26, 2010.  The Tender Consideration is based upon the reference yield plus a fixed spread as set forth in the table below and is payable to holders of notes subject to the Tender Offer who validly tender their notes before the Expiration Date.


Title of Security

Reference U.S. Treasury Security

Reference Yield

Fixed Spread (bps)

Tender Offer Yield

Tender Consideration per $1,000

5.875% Notes due 2013

1.00% due July 15, 2013

0.524%

40

0.924%

$1,131.97




The terms and conditions of the Tender Offer are described in the Offer to Purchase dated October 20, 2010 (the "Offer to Purchase"), and the related Letter of Transmittal (the "Letter of Transmittal").

The tender offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase, including, among other things, the consummation by Rio Tinto Finance (USA) Limited of an offering of its senior notes on terms reasonably satisfactory to it, as described in the Offer to Purchase. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase dated October 20, 2010 relating to the Tender Offer.

Rio Tinto has retained Morgan Stanley & Co. Incorporated to act as Global Coordinator and Lead Dealer Manager, Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc. and HSBC Securities (USA) Inc. to act as Lead Dealer Managers, ANZ Securities, Inc. and Mitsubishi UFJ Securities (USA), Inc. to act as Co-Dealer Managers and D.F. King & Co., Inc. to act as Depositary and Information Agent in connection with the Tender Offer.

Requests for documents may be directed to D.F. King & Co., Inc. by telephone at (800) 290-6427 or in writing at 48 Wall Street, New York, New York 10005.  Questions regarding the Tender Offer may be directed to either of Morgan Stanley & Co. Incorporated at (800) 624-1808 and Credit Suisse Securities (USA) LLC at (800) 820-1653.

No offer to purchase any securities is being made pursuant to this press release. Neither this press release nor the Offer to Purchase and the related Letter of Transmittal constitutes an offer to purchase in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities laws and tenders of 2013 Notes pursuant to the Tender Offer will not be accepted from holders thereof in any jurisdiction where such invitation or tender is unlawful.

The distribution of this press release, the Offer to Purchase and the Letter of Transmittal in certain jurisdictions may be restricted by law. Persons into whose possession this press release and/or the Offer to Purchase and accompanying Letter of Transmittal comes are required to inform themselves about, and to observe, any such restrictions.

DISCLOSURE NOTICE:  Some statements in this release may constitute forward-looking statements.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements.  A description of risks and uncertainties can be found in the Annual Report on Form 20-F of Rio Tinto plc and Rio Tinto Limited and their other public filings and press releases.  Except as required by law, none of Rio Tinto Finance (USA) Limited, Rio Tinto plc or Rio Tinto Limited assumes any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

Website:  www.riotinto.com

Email:  media.enquiries@riotinto.com / enquiries.mediaaustralia@riotinto.com

High resolution photographs and media pack available at: http://www.riotinto.com/media

NOT FOR DISTRIBUTION IN ITALY OR ANY JURISDICTION IN WHICH THE MAKING OR ACCEPTANCE OF THE TENDER OFFER WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION

SOURCE Rio Tinto



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