Glencore gets $14.63 billion of refinanced, extended revolvers

By Sarah Lizee

Olympia, Wash., March 31 – Glencore plc refinanced and extended its revolving credit facilities, providing for $14.63 billion of facilities, according to an announcement.

The new and extended facilities comprise a $9.975 billion 12-month revolver, with a 12-month term-out option at Glencore’s discretion and a 12-month extension option, and a $4.65 billion five-year revolver with a 12-month extension option.

The shorter-term facilities were initially launched at $8 billion and closed substantially oversubscribed, raising $10.75 billion, the company said. Glencore scaled back subscription levels and ultimately increased the size of the facilities to $9.975 billion, up from the $9.775 billion signed in 2019.

A total of 48 banks committed to the facilities, including 31 mandated lead arrangers and bookrunners.

The facilities are for general corporate purposes,

As in previous years, the committed unsecured facilities contain no financial covenants, no rating triggers, no material adverse change clauses and no external factor clauses.

The effective date of the refinancing and extension is May 22.

Glencore is a Baar, Switzerland-based global diversified natural resource company.

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