Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 362

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 362
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 we entered into new interest rate swaps to convert our fixed coupon on this bond to 6 month SOFR + 0.96% .

(h) In February, March and April 2024 we entered into a new interest rate swap to convert our fixed coupon on this bond to 6 month SOFR + 1.18% .

(i) In December 2024 we entered into a new interest rate swaps to convert our fixed coupon on this bond to 6 month SOFR + 0.65% .

(j) These borrowings relate to the Oyu Tolgoi LLC project finance facility and the due dates stated represent the final repayment date. The interest rates stated are pre-completion and will

increase by 1.2% post-completion, which is expected to take place in 2029 subject to meeting certain conditions. Refer below on the refinancing of the facility made during 2023.

(k) Our bank borrowings in Oyu Tolgoi (OT) are subject to financial covenants which require that OT maintains a certain level of debt-equity ratio and a debt service coverage ratio. These

covenants are tested at the end of each month. Based on our forecasting, we consider this risk of non-compliance with these covenants to be remote.

(l) The Group’s borrowings of US$ 12,442million ( 2023 : US$ 13,001million ) include US$ 3,945million ( 2023 : US$ 3,994million ) of subsidiary entity borrowings that are subject to various

financial and general covenants with which the respective borrowers were in compliance as at 31 December 2024 and are expected to be in compliance within 12 months after the reporting

date. The non-compliance with these covenants, if not remediated, would permit the lender to immediately call the loan and borrowings.

In the prior year, we refinanced the Oyu Tolgoi project finance with a syndicate of international financial institutions, export credit agencies and

commercial lenders. The lenders agreed to a deferral of the principal repayments by 3years to June 2026 and to an extension of the final

maturity date by 5years from 2030 to 2035. As part of refinancing, the debt transitioned to the SOFR benchmark to which we applied the Phase

2 IBOR reform relief under IFRS 9. The refinancing did not result in a derec