Glencore signs $15.3bn of revolving credit facilities
JOHANNESBURG (miningweekly.com) – Diversified miner Glencore on Friday announced the signing of revolving credit facilities amounting to $15.3-billion.
The facilities were initially launched at $15-billion and closed substantially oversubscribed, raising in excess of $17.5-billion, owing to strong support from Glencore’s broad group of relationship banks, the company revealed in a media statement.
A total of 69 banks, including 33 mandated lead arrangers and bookrunners, had committed to the facilities, which would refinance the company’s $12.99-billion one-year and three-year revolving credit facilities signed in June 2013, and amend and extend its $4.35-billion five-year revolving credit facility, also signed in June last year.
The new and amended facilities would be used for general and corporate purposes and comprised a $8.7-billion 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option, and a $6.6-billion five-year revolving credit facility with two 12-month extension options.
"The strong response from Glencore’s bank group in this syndication enabled us to achieve all our main goals for this new financing. We have secured sufficient funding for working capital and substantially reduced our financing costs,” Glencore CFO Steven Kalmin said.
BNP Paribas, Citigroup Global Markets, ING Bank and UniCredit Bank were the active bookrunners in the syndication of the facilities.
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