Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 361

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 361
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| Total borrowings(l)                                                                       |                12,442 |                13,001 |                                    |                                    |                                                               |                               |

(a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are included in note 9.

(b) The LIBOR reference rates derivatives were transitioned to Secured Overnight Financing Rate (SOFR) with effect from 1 July 2023 in accordance with International Swaps and Derivatives

Association (ISDA) Fallback Protocol. Weighted average interest rate after swaps for 2023 can be found in note 20 to the Financial Statements in our 2023 Annual Report.

(c) On 11 December 2024 we repaid our € 417million (nominal value) Rio Tinto Finance plc Euro Bonds on their maturity. The cash outflow relating to the repayment of the bonds and the

realised loss on the derivatives have been recognised within "Repayment of borrowings and associated derivatives" in the Group cash flow statement and totalled US$ 546million .

(d) In November 2024, our interest rate swap which converted our fixed coupon interest payments on this bond to 3 month SOFR + 5.69% , matured. We entered into a new interest rate swap to

convert our fixed coupon interest payments on this bond to 6 month SOFR + 3.33% .

(e) Rio Tinto has a US$ 10billion ( 2023 : US$ 10billion ) European Medium Term Note Program against which the cumulative amount utilised was US$ 626million equivalent at 31 December

2024 ( 2023 : US$ 1,102million ). The carrying value of these bonds after hedge accounting adjustments amounted to US$ 624million ( 2023 : US$ 1,063million ) in aggregate.

(f) .We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and

reset dates match. In 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in

addition to the pre-existing cash flow hedge. In December 2024, our existing interest rate swap on this bond matured, therefore, the bond is no longer in a hedged position.

(g) In April and October 2024