Glencore signs $12.8bn Revolving Credit Facilities

RNS Number : 1554C

Glencore International PLC

26 April 2012

 



Baar, Switzerland                                                                                                              26 April, 2012

Glencore signs USD 12.8 billion Revolving Credit Facilities

Glencore International plc ("Glencore") is pleased to announce the signing of revolving credit facilities totalling USD 12.8 billion (the "Facilities"), which renew Glencore's existing revolving credit facilities. 

The Facilities, initially launched at USD 10 billion, closed substantially oversubscribed, due to strong demand from financial institutions globally. A total of 91 banks have committed to the above facilities, including 22 Mandated Lead Arrangers and Bookrunners who each committed USD 350 million.

Funding terms are essentially unchanged in comparison to the existing facilities.

The Facilities comprise:

• a USD 4,435 billion 14 month revolving credit facility with a 10 month term-out option and 10 month extension option, that refinances Glencore's existing USD 3,535 million 364-day revolving credit facility maturing in May 2012. The facility has two tranches of USD 3,725 million and USD 710 million respectively.

• an amount of USD 8,030 million of the existing USD 8,370 million 3-year revolving credit facility has been extended for a further year to May 2015.

Separately, Glencore recently signed a USD 3.1 billion syndicated loan backing the proposed merger with Xstrata plc, after raising USD 11 billion in syndication from 31 banks, a scale-back exceeding 70%.

Steven Kalmin, CFO, commented:

"The successful renewal of our existing revolving credit facilities on attractive terms, demonstrates that ample funding remains available, in size, for companies such as Glencore, which are conservatively financed and have long and strong credit track records and banking relationships."

For further information, please contact:

Paul Smith (Investors) t: [phone] m: [phone] [e-mail]	Simon Buerk (Media) t: [phone] m: [phone] [e-mail]	Finsbury (Media) Guy Lamming Dorothy Burwell t: [phone]
Elisa Morniroli (Investors) t: [phone] m: [phone] [e-mail]	Charles Watenphul (Media) t: [phone] m: [phone] [e-mail]

About Glencore International plcGlencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.

 

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