LONDON – Global diversified natural resource company Glencore has signed $9.09-billion of loans to refinance its existing short-term revolving credit facilities, the company said on Thursday.
The facilities replace Glencore’s existing $7.34-billion one-year revolving credit facility agreed in May 2017.
The financing launched at $6bn and closed oversubscribed, raising $9.7-billion from the market after receiving strong support from the company’s broad group of existing banks.
Due to a stronger commodity price environment, Glencore decided to increase the size of the facilities.
The new facilities are unsecured and include a 12-month extension option and a 12-month borrower’s term-out option, extending the final maturity out to May 2020.
The facilities have no financial covenants.
BNP Paribas, HSBC Bank, MUFG and Santander UK were active bookrunners on the financing. A total of 58 banks committed to the financing, including 31 mandated lead arrangers and bookrunners.