Glencore refinances short-term revolving credit facilities

By Mary-Katherine Stinson

Lexington, Ky., March 31 – Glencore plc refinanced $6,572,000,000 of its committed short-term revolvers after its initial $5 billion launch was oversubscribed, according to a company press release.

Commitments were at more than $6.8 billion.

Revolving credit facilities now consist of a $6,535,000,000 12-month revolving credit facility with a 12-month term-out option at the borrower's discretion and two 12-month extension options at the lenders' discretion which matures in May 2023 and a $4.65 billion revolving credit facility of which $4.2 billion matures in May 2026 and $450 million matures in May 2025.

The facilities are being used for general corporate purposes.

The company stated, as with their previous facilities, these revolving credit facilities contain no financial covenants, rating triggers or material adverse changes.

A total of 39 banks committed to the facilities, including 29 mandated lead arrangers and bookrunners.

Glencore is a multinational commodity trading and mining company with headquarters in Baar, Switzerland.

© 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.