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Glencore launches offer to buy back up to US$1.25B of debt

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Glencore launches offer to buy back up to US$1.25B of debt

Glencore Plc on Oct. 3 launched a cash tender offer to buy back up to US$1.25 billion of its outstanding notes.

Subject to purchase limit of US$1 billion, the Swiss mining giant will accept for repurchase 3.125% notes, 2.500% notes and floating rate notes, all due 2019.

Some US$1.0 billion of 3.125% notes, US$1.47 billion of 2.500% notes and US$500 million of floating rate notes remain outstanding.

After purchasing the above notes, Glencore will accept for cash 2.125% notes and floating rate notes due 2018. Some US$466.2 million of 2.125% and US$233.5 million floating rate notes remain outstanding as of the announcement.

The company will pay a US$30 premium per US$1,000 principal amount of notes tendered by Oct. 17, plus the carried and accrued interest.

Glencore will accept the notes based on the order priority level one to five.

The offer is set to expire Oct. 31.

J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. are acting as the lead dealer managers, while Mizuho Securities USA Inc., Santander Investment Securities Inc. and Standard Chartered Bank have been appointed as the co-dealer managers for the tender offers.