JOHANNESBURG (miningweekly.com) – Diversified miner Glencore has signed a new revolving credit facility (RCF) to refinance and replace its existing $8.45-billion facility.
In an initial presyndication phase, Glencore received commitments from 37 banks for $8.4-billion, $3-billion above existing commitment levels.
Given the high oversubscription level, the miner has scaled back and signed in $7.7-billion of such commitments and will now broaden the refinancing through general syndication to some 30 additional banks in the second quarter of this year.
Similar to the current facility being replaced in May, the new RCF remains unsecured, containing a 12-month extension option and 12-month borrower’s term-out option, thereby extending the final maturity to May 2018.
Active bookrunners on the deal were ABN AMRO, Bank of Tokyo Mitsubishi, HSBC, ING and Santander.