Cash-pumping Glencore spells out enhanced liquidity position
JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore on Tuesday released a funding fact sheet that showed enhanced liquidity, a plethora of undrawn credit facilities and a business that is pumping free cash.
Giving chapter and verse of its financing arrangements, the London-, Hong Kong- and Johannesburg-listed company revealed a liquidity level materially above that at its last public presentation in June, plus an enterprise focused on delivery of a series of debt reduction measures, including lower net working capital.
The company’s $2-billion target for asset disposals has the potential to boost liquidity levels in the same way as its recent $2.5-billion equity placement, which is enabling company to keep its current credit ratings well intact.
Glencore's marketing and industrial businesses are funded by a mixture of short-, medium- and long-term facilities that include $15.25-billion in committed syndicated revolving credit.
The company, headed by CEO Ivan Glasenberg, has $3.1-billion in cash and cash equivalents net of $1.3-billion of issued corporate paper, which forms the basis of committed available liquidity at a point in time.
In a media release sent to Creamer Media’s Mining Weekly Online, it states that the vast majority of the company’s facilities remain undrawn and excluded from the available liquidity definition.
Long-term funding takes in $31.1-billion in capital market notes, $5.4-billion of notes that mature in a year and $0.9-billion of other noncurrent bank loans.
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