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Glencore announces refinancing and extension of its revolving credit facilities

Published by , 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.

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