March 29, 2018 / 1:08 PM / 23 days ago

Glencore signs $9.085 billion loan refinancing

LONDON (LPC) - Global diversified natural resource company Glencore has signed US$9.085bn of loans to refinance its existing short-term revolving credit facilities, the company said on Thursday.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

The facilities replace Glencore’s existing US$7.335bn one-year revolving credit facility agreed in May 2017.

The financing launched at US$6bn and closed oversubscribed, raising US$9.7bn from the market after receiving strong support from the company’s broad group of existing banks.

Due to a stronger commodity price environment, Glencore decided to increase the size of the facilities.

The new facilities are unsecured and include a 12-month extension option and a 12-month borrower’s term-out option, extending the final maturity out to May 2020.

The facilities have no financial covenants.

BNP Paribas, HSBC Bank, MUFG and Santander UK were active bookrunners on the financing. A total of 58 banks committed to the financing, including 31 mandated lead arrangers and bookrunners.

Reporting by Alasdair Reilly

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below