By Alex MacDonald

LONDON--Glencore PLC (GLEN.LN) Monday launched an offer to buy back up to $1.25 billion in notes, marking its latest effort to pay down debt as it seeks to strengthen its balance sheet.

The Swiss commodities trader and miner offered to buy any notes outstanding due in 2018 and 2019, but put a cap of $1 billion on notes due in 2019 that contain a 3.125%, 2.5%, and foating rate coupons.

Note holders interested in the offer must tender their notes by 5pm New York time on Oct. 17.

Glencore wants to reduce its net debt to a range of $16.5 billion to $17.5 billion by year end, down from $23.6 billion at the end of June and $29.6 billion a year before that. The company has sold a swath of assets to help raise the cash needed to reduce its debt following a protracted rout in commodity prices earlier to multi-year lows earlier this year.

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

(END) Dow Jones Newswires

October 03, 2016 12:45 ET (16:45 GMT)

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