LONDON—Glencore PLC said Wednesday it is carrying out the early refinancing of a $8.45 billion loan facility that has been oversubscribed so far and will be syndicated among a larger pool of banks in the second quarter of 2016.

The early refinancing means the Switzerland-based commodities trader and miner will have no refinancing commitments until May 2018, a person close the refinancing said.

Glencore is replacing the existing $8.45 billion revolving credit facility with a smaller $7.7 billion unsecured facility that has no financial covenants and expires in May 2018. The amount of the loan facility was scaled back to reflect the company's lower financing needs following the recent commodities price slump and the company's high liquidity of more than $14 billion, the person said.

Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

February 17, 2016 03:25 ET (08:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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