Debt investors

 

Debt guarantee structure

corporate debt structure

Notice to Bondholders – Redomicile of Glencore Finance (Europe) S.A.

With effect from 1 September 2017, Glencore Finance (Europe) S.A. redomiciled as a public limited company registered in Jersey with registered number 124626 and having its registered office at 13-14 Esplanade, St Helier, Jersey, JE1 1EE and has been renamed Glencore Finance (Europe) Limited. On and from 1 September 2017, Glencore Finance (Europe) Limited is, for tax purposes, resident in the United Kingdom. Trust Deeds relating to outstanding bonds have been amended to reflect the technical changes required as a result of the redomiciliation and the tax change. The amendments were effected pursuant to Clause 8.2 of the Trust Deed, which permits the Trustee to agree to make any modification to the Trust Deed or the Notes which in the opinion of the Trustee it may be proper to make provided the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the Noteholders.

Our credit rating

Rating agency Long-term rating Short-term rating Outlook
Standard & Poor's BBB A-2 Positive
Moody's Baa2 P-2 Stable

 

Cross guarantees

  • Notes are issued on a pari passu basis, applying a cross guarantee structure introduced at the time of the Xstrata acquisition (see Moody’s and S&P reports dated 7 May 2013 and 19 June 2013, respectively).
  • Glencore Group bonds (issued by Glencore Funding LLC, Glencore Finance (Europe) AG and Glencore Australia Holdings Pty Ltd) have guarantees from Glencore plc, Glencore International AG and Glencore (Schweiz) AG (previously Xstrata (Schweiz) AG).
  • Following the Xstrata acquisition, legacy Xstrata bonds (issued by Xstrata Finance (Canada) Limited, Xstrata Canada Financial Corp, Xstrata Canada Corporation and Xstrata Finance (Dubai) Limited) also now have guarantees from Glencore plc and Glencore International AG, implemented by way of supplemental indentures.
  • Similarly, the outstanding USD notes issued by Viterra Inc. in August 2010 have guarantees in place from Glencore plc and Glencore International AG.