Glencore Increases Short-Term Credit Facilities to $9.09 Billion

By Oliver Griffin

Glencore PLC (GLEN.LN) said on Thursday that it raised $9.09 billion to refinance its short-term revolving credit facilities, effective from May 24.

The Anglo-Swiss miner and commodities trader said that facilities were initially launched at $6 billion but were significantly oversubscribed, raising $9.70 billion, and added that the stronger commodity price environment is what allowed it to increase the size of its short-term loans.

Glencore said that a total of 58 banks committed to the loans, which will be used to refinance its existing $7.34 billion short-term credit facilities, which were signed in May 2017.

The company said that the loans remain unsecured and contain a 12-month extension option and a 12-month borrower's term out option, which extends the final maturity to May 2020.

Write to Oliver Griffin at [email protected]