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Glencore ups revolving credit facilities to US$9.09B from US$7.34B

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Glencore ups revolving credit facilities to US$9.09B from US$7.34B

Glencore PLC is refinancing and upsizing its short-term revolving credit facilities, effective May 24.

The Swiss commodities trader initially sought US$6 billion, with the facilities closing oversubscribed at US$9.7 billion, reflecting strong support from Glencore's relationship banks.

The company said March 29 that it increased the size of the facilities to US$9.09 billion, which it will use to refinance the short-term US$7.34 billion revolving credit facilities signed in May 2017.

The new facility remains unsecured and contains a 12-month extension option and a 12-month borrower's term-out option, with final maturity extended to May 2020.

Fifty-eight banks committed to the facilities, including 31 mandated lead arrangers and book runners.

Glencore was recently said to be considering a bid to reacquire the Optimum coal operations in South Africa.