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LPC-Glencore signs $15.25 bln loan refinancing
May 28, 2015 / 4:21 PM / 2 years ago

LPC-Glencore signs $15.25 bln loan refinancing

LONDON, May 28 (Reuters) - Global diversified natural resource company Glencore has signed $15.25 billion of revolving credit facilities to refinance existing facilities totalling $15.3 billion, the company announced on Thursday.

The new facilities refinance an $8.7 billion, one-year facility signed in June 2014 as well as amending and extending a $6.6 billion, five-year facility also agreed in June 2014.

The financing comprises an $8.45 billion, 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option; and a $6.8 billion, five-year revolving credit facility with two 12-month extension options.

The financing was launched at $14 billion and closed oversubscribed after raising $17 billion from Glencore’s broad group of relationship banks. A total of 60 banks committed to the financing, including 34 mandated lead arrangers and bookrunners.

Active bookrunners on the deal were BBVA, HSBC, Lloyds Bank and Rabobank.

Glencore is rated BBB by Standard & Poor’s and Baa2 by Moody‘s. (Editing by Christopher Mangham)

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