31st Mar 2021 17:59
(Alliance News) - Glencore PLC on Wednesday announced the extension of its revolving credit facilities as the miner manages its debt.
The Swiss commodities trader and miner said the shorter-term facilities were extended to May 2022 and the longer-term facility was extended to May 2026.
A total of 44 banks agreed to the extension across the facilities, Glencore said.
"In line with Glencore's stated target of managing net debt towards the lower end of its USD10-16 billion target range, and then sustainably maintaining this lower level, the aggregate facilities have been reduced to USD12.7 billion by way of a voluntary cancellation," Glencore said.
The extended facilities are for general corporate purposes, the company said.
These include the USD8.07 billion 12-month revolving credit facilities and a USD4.65 billion revolving credit facility with final maturity in May 2026.
Glencore shares closed 0.6% lower at 284.25 pence each in London on Wednesday. Its Johannesburg shares ended down 0.9% at ZAR58.08.
By Greg Roxburgh; [email protected]
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