LONDON May 3 Global diversified natural
resource company Glencore has closed a US$7.335bn,
one-year revolving credit facility that refinances an existing
US$7.7bn, one-year revolver that was agreed in February 2016,
the company said on Wednesday.
The one-year loan, which finances Glencore's trading
operations, is part of a bigger loan package that also includes
an existing US$6.8bn medium-term loan.
The unsecured facility has a 12-month extension option and a
12-month term-out option, which extends the final maturity until
May 2019. The facility has no financial covenants.
The financing was launched at US$5bn and closed
substantially oversubscribed after raising US$8.55bn in
syndication from Glencore’s wide and supportive group of
A total of 56 banks committed to the facility, including 31
mandated lead arrangers and bookrunners.
Due to the low average utilisation of the company’s combined
short and medium term facilities, the one-year facility was
reduced to US$7.335bn.
Citigroup, Commerzbank, Standard Charted and UniCredit were
active bookrunners on the financing.
(Editing by Tessa Walsh)