By Aleesia Forni
Virginia Beach, April 23 - Glencore Funding LLC sold $2 billion of notes (Baa2/BBB/) in tranches due 2019 and 2024, according to a market source.
The sale includes $1 billion of 3.125% five-year notes priced at 99.674 to yield 3.196%, or Treasuries plus 145 basis points.
There was also $1 billion of 4.625% 10-year notes priced with a spread of Treasuries plus 195 bps.
Pricing was at 99.596 to yield 4.676%.
The bookrunners for the Rule 144A and Regulation S deal were Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The notes are guaranteed by Glencore Xstrata, Glencore International AG and Xstrata (Schweiz) AG.
Proceeds are being used to repay debt and for general corporate purposes.
The funding vehicle for Glencore International plc, a privately held supplier of commodities and raw materials to industrial consumers, is based in Baar, Switzerland.
| Issuer: | Glencore Funding LLC
|
| Guarantors: | Glencore Xstrata, Glencore International AG, Xstrata (Schweiz) AG
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | April 22
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 29, 2019
|
| Coupon: | 3.125%
|
| Price: | 99.674
|
| Yield: | 3.196%
|
| Spread: | Treasuries plus 145 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 29, 2024
|
| Coupon: | 4.625%
|
| Price: | 99.596
|
| Yield: | 4.676%
|
| Spread: | Treasuries plus 195 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
