It has a minimum exchange ratio of 90.9%, according to the deal terms. Neither the issuer nor bonds are expected to be rated. A spokesman for Anglo American declined to comment. Anglo American's shares slumped to a record low in London in early 2016 as weak metal prices focused attention on its debt position. Chief executive officer Mark Cutifani announced a plan to radically shrink the company through asset sales, but reversed the strategy early this year after recovering commodity markets revived profits. Since then the company has returned with a renewed sense of ambition, surprising investors with an interim dividend and promise to grow. Debt, which brought Anglo to its knees during the crisis of 2015, has been almost cut in half over the past year, and is already below its year-end target of $7 billion.