Anglo-Swiss miner Xstrata Plc. (XTA.L, XSRAY.PK, XSRAF.PK) announced that its wholly-owned subsidiary, Xstrata Finance (Dubai) Limited, has been added as an issuer under the Xstrata group's existing US$4.0 billion commercial paper program.
Notes issuable under the program have maturities of up to 397 days, will be issued by Xstrata Finance (Canada) Limited or Xstrata Finance (Dubai) Limited and will be unconditionally guaranteed by Xstrata.
The maximum principal amount of Notes that may be outstanding at any time under the program is US$4.0 billion.
The company said it will use net proceeds from the sale of Notes to repay debt and for general corporate purposes.
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