Glencore announces refinancing and extension of its revolving credit facilities
Published by John Williams,
Editorial Assistant
Global Mining Review,
Glencore plc has announced the refinancing and extension of its revolving credit facilities effective 24 May 2019.
The short-term facilities were initially launched at US$8 billion and closed substantially oversubscribed, raising US$10.55 billion, reflecting strong support from Glencore's broad group of relationship banks.
Glencore scaled back subscription levels and ultimately increased the size of the facilities to US$9.775 billion, up from the US$9.085 billion signed in 2018. A total of 53 banks committed to the facilities, including 31 mandated lead arrangers and bookrunners.
The longer-term US$4.65 billion revolving credit facility (voluntarily reduced from US$5.115 billion) was amended and extended to 2024, including reinstating the two one-year extension options.
The new and extended facilities are for general corporate purposes, comprising:
- A US$9.775 billion 12-month revolving credit facility with a 12-month term-out option at the borrowers discretion, and a 12-month extension option.
- A US$4.65 billion 5-year revolving credit facility with two 12-month extension options.
Read the article online at: https://www.globalminingreview.com/finance-business/29032019/glencore-announces-refinancing-and-extension-of-its-revolving-credit-facilities/
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