3 May 2017
Glencore announces refinancing of its Short Term Revolving Credit Facility
Glencore plc ("Glencore") is pleased to announce the signing of a new short-term revolving credit facility (the "Facility").
The Facility was initially launched at USD 5 billion and closed substantially oversubscribed, raising USD 8.55 billion, due to strong support from Glencore’s broad group of relationship banks. Reflecting the low average utilisation of our combined Short and Medium Term Facilities, Glencore has reduced it’s size to USD 7.335 billion. A total of 56 banks committed to the Facility, including 31 Mandated Lead Arrangers and Bookrunners.
The Facility refinances Glencore’s USD 7.7 billion one-year revolving credit facility signed in February 2016.
Similar to the current facility being replaced (effective end of May), this new facility remains unsecured, containing a 12-month extension option and 12-month borrower’s term-out option, thereby extending the final maturity to May 2019. There are no financial covenants in the Facility documentation.
Citi, Commerzbank, Standard Chartered and UniCredit were the Active Bookrunners in the syndication of the facility.
For further information please contact:
t: +41 41 709 2880
m: +41 79 737 5642
Carlos Francisco Fernandez
t: +41 41 709 2369
m: +41 79 129 9195
t: +41 41 709 2462
m: +41 79 904 3320
t: +44 20 7412 3471
m: +44 77 3031 9806
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 155,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.