By Marisa Wong and Cristal Cody
Los Angeles, May 3 – Glencore Funding LLC priced $1 billion of senior notes in two tranches on Tuesday, according to a market source.
The company priced $500 million of 5.4% five-year notes at a spread of 195 basis points over Treasuries and $500 million of 5.7% 10-year notes at 230 bps over Treasuries.
Initial price talk for the 2028 notes was in the Treasuries plus 195 bps area, and initial price talk for the 2033 notes was in the Treasuries plus 230 bps area.
DBS, HSBC, JPMorgan, Morgan Stanley and Santander were the bookrunners.
Glencore dropped a three-year fixed-rate note from its initially planned three-part senior note offering, the source noted.
Glencore Funding is a Stamford, Conn.-based U.S. funding arm of Glencore plc. Based in Baar, Switzerland, Glencore is a supplier of commodities and raw materials to industrial consumers.
| Issuer: | Glencore Funding LLC
|
| Amount: | $1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | DBS, HSBC, JPMorgan, Morgan Stanley and Santander
|
| Pricing date: | May 2
|
|
|
| 2028 notes
|
| Amount: | $500 million
|
| Maturity: | May 8, 2028
|
| Coupon: | 5.4%
|
| Spread: | Treasuries plus 195 bps
|
| Initial price talk: | Treasuries plus 195 bps area
|
|
|
| 2033 notes
|
| Amount: | $500 million
|
| Maturity: | May 8, 2033
|
| Coupon: | 5.7%
|
| Spread: | Treasuries plus 230 bps
|
| Initial price talk: | Treasuries plus 230 bps area
|
|
|
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