GLNCY Glencore Plc (PK)

   By P.R. Venkat 
 

SINGAPORE--Sovereign wealth fund Government of Singapore Investment Corp. Tuesday said that it has raised US$250 million through sale of convertible bonds of Glencore International AG.

The 5% guaranteed convertible bonds 2014 issued by Glencore Finance (Europe) S.A. were guaranteed by Glencore International and Glencore AG, GIC said in a statement.

GIC intends to use part of the net proceeds from the sale of the bonds to acquire ordinary shares of Glencore International.

The Singapore sovereign wealth fund, which according to analysts manages assets worth US$300 million, had subscribed to the convertible bonds of Glencore ahead of its IPO multbillion-dollar initial public offering in 2011.

Morgan Stanley was the manager of GIC's bond offer.

Write to P.R. Venkat at venkat.pr@wsj.com