GLNCY Glencore Plc (PK)

   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 oliver.griffin@dowjones.com

(END) Dow Jones Newswires

March 29, 2018 08:57 ET (12:57 GMT)

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