Glencore Plc on Dec. 15 increased its maximum tender offer for the previously announced debt buyback to US$1.14 billion of its outstanding notes, up from the previous US$1 billion maximum offer.

The buyback was launched Dec. 1, and as of the early tender date, the company received tenders for US$189.7 million principal amount of its 2.500% notes due 2019 and US$146.5 million principal amount of 3.125% notes due 2019.

The miner also received tenders for US$220.6 million principal amount of floating rate notes due 2019 and US$580.1 million principal amount of 2.875% notes due 2020.

Total consideration per US$1,000 principal amount of the 2.500% notes due 2019 will be US$1,000.43, while total consideration per US$1,000 principal amount of the 3.125% notes due 2019 will be US$1,013.63 and total consideration per US$1,000 principal amount of the 2.875% notes due 2020 will be US$1,001.15.

The debt buyback offer will expire Dec. 29 unless extended or terminated.