17th Feb 2016 07:11
LONDON (Alliance News) - Glencore PLC Wednesday said it will refinance its USD8.45 billion revolving credit facility earlier than expected.
The FTSE 100-listed miner said it has signed a new revolving credit facility to refinance and replace the existing facility.
Glencore said it is currently in the initial pre-syndication phase, and the company has received commitments from its senior banks for USD8.40 billion.
"In this initial pre-syndication phase, Glencore received commitments from its senior banks for USD8.40 billion, representing an increase from 37 banks of close to USD3.00 billion above existing commitment levels," said Glencore.
"Reflecting the high oversubscription level, Glencore has currently scaled back and signed in USD7.70 billion of such commitments and will now broaden the refinancing via launch of general syndication to some 30 additional banks in the second quarter of 2016," the miner added.
Glencore said the new facility remains unsecured and carries a 12-month extension option and a 12-month borrower's term-out option, extending the final maturity to May 2018.
The bookrunners on the deal were ABN AMRO, Bank of Tokyo Mitsubishi, HSBC, ING and Santander.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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