Glencore Consent Results Notice

RNS Number : 2618L

Glencore International PLC

28 July 2011

 



 

 

Glencore Receives Requisite Consents in Consent Solicitation for $950 million 6% Notes due 2014

 

London, 28 July 2011. Glencore Funding LLC (the "Company"), a Delaware corporation and a wholly owned, indirect subsidiary of Glencore International plc, today announced that it has received, as of 5:00 p.m., New York City time, on 27 July 2011 (the "Expiration Time") Consents from Holders of $873,414,000 (representing receipt of Consents from a majority of approximately 92% in principal amount of the outstanding Notes) (the "Requisite Consents") of its outstanding $950,000,000 6.00% Notes due 2014 (Reg S ISIN / CUSIP: USU37818AA62 / U37818AA6; 144A ISIN / CUSIP: US378272AA66 / 378272AA6) (the "Notes") pursuant to its Consent Solicitation for the Notes announced on 14 July 2011.

The terms and conditions of the Consent Solicitation are described in the Consent Solicitation Statement dated 14 July 2011 (the "Consent Solicitation Statement"), and the related Consent Form. Capitalised terms used in this announcement have the meanings ascribed to them in the Consent Solicitation Statement.

The Company has certified to the Trustee that it has received the Requisite Consents and executed the Second Supplemental Indenture, rendering all Consents received prior to the Effective Time, irrevocable.

As a result of the receipt of the Requisite Consents and the execution of the Second Supplemental Indenture, the Proposed Amendments have become effective. As further described in the Consent Solicitation Statement, the Second Supplemental Indenture recognizes Glencore International plc as the new holding company of Glencore International AG, provides Glencore International plc with rights and obligations of the other Guarantors under the Indenture and aligns the reporting requirements under the Indenture with Glencore International plc's public reporting requirements under the rules and regulations of the London Stock Exchange and the Stock Exchange of Hong Kong. In addition, Glencore International plc has provided a guarantee in respect of the Notes as contemplated in the Consent Solicitation Statement.

The Company hereby announces that the conditions to the Consent Solicitation have been satisfied and that it will pay on the Payment Date (expected to be 29 July 2011) to each Holder who delivered (and did not validly revoke) a Consent prior to the Expiration Time, a Consent Payment of $2.50 for each $1,000 principal amount of Notes with respect to which such Holder validly delivered a Consent.

Citigroup Global Markets Limited and Deutsche Bank are acting as the Solicitation Agents in connection with the Consent Solicitation. Requests for documents may be directed to Global Bondholder Services Corporation, which is acting as the Information Agent and Tabulation Agent for the Consent Solicitation.

The Solicitation Agents for the Consent Solicitation are:

Citigroup Global Markets Limited
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Attn: Liability Management Group
London: [phone]
Toll free: [phone]
Collect: [phone]
E-mail: [e-mail]

Deutsche Bank

Deutsche Bank Securities Inc.
60 Wall Street
New York, New York 1005
Attn: Liability Management Group
Toll free: [phone]
Collect: [phone]

Deutsche Bank AG London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom

Attn: Liability Management Group
For information by telephone: [phone]
E-mail: [e-mail]

The Information Agent for the Consent Solicitation is:

Global Bondholder Services Corporation
65 Broadway-Suite 404
New York, New York 10006
Attention: Corporate Actions
Banks and Brokers call: [phone]
Toll Free: [phone]

The Tabulation Agent for the Consent Solicitation is:

Global Bondholder Services Corporation
Facsimile (for Eligible Institutions only): [phone]
Confirmation: [phone]

This notice is for informational purposes only and is not a solicitation of consent with respect to the Notes.  The Consent Solicitation was made solely pursuant to the Consent Solicitation Statement and the related Consent Form, which set forth the complete terms of the Consent Solicitation.

Glencore Funding LLC is the issuer of the Notes and is a finance vehicle incorporated under the laws of Delaware. Glencore Funding LLC is a wholly owned indirect subsidiary of Glencore International plc. Glencore International plc is a leading integrated producer and marketer of commodities, with worldwide activities in the marketing of metals and minerals, energy products and agricultural products and the production, refinement, processing, storage and transport of these products. Glencore International plc operates globally, marketing and distributing physical commodities sourced from third party producers and own production to industrial consumers. Glencore International plc has developed and built upon its expertise in the commodities it markets and cultivated long-term relationships with a broad supplier and customer base across diverse industries and geographic regions.

This announcement may include statements that are, or may be deemed to be, "forward looking statements", beliefs or opinions, including statements with respect to the business, financial condition, results of operations, prospects, strategies and plans of Glencore International plc. These forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore International plc's control and all of which are based on the Glencore board of directors' current beliefs and expectations about future events. These forward looking statements may be identified by the use of forward looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "will", "could", or "should" or in each case, their negative or other variations thereon or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. Forward looking statements may and often do differ materially from actual results. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Services Authority), Glencore International plc is not under any obligation and Glencore International plc and its affiliates expressly disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

 

END

 

 

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