By Ian Walker

Glencore PLC said Tuesday that it is deferring a decision on whether to proceed with the proposed $2.6 billion distribution--or 20 cents a share--to shareholders until it is in a better position to consider the impact of Covid-19 on the business and its prospects.

The Anglo-Swiss commodities giant--one of the world's biggest producers of raw materials such as copper, cobalt and coal--said that it is taking action to protect and strengthen its capital structure during this uncertain time and has refinanced and extended its credit facilities.

Glencore said its shorter-term facilities have raised $10.75 billion, more than the $8 billion initially launched. It also said its longer-term $4.65 billion credit facility has been extended until 2025.

The new and extended facilities will be used for general corporate purposes, it said.

Glencore said in February that it would pay a dividend of 20 cents a share to shareholders. This is now being deferred.

Shares at 1325 GMT were up 2.12 pence, or 1.8%, at 121.16 pence.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

March 31, 2020 09:48 ET (13:48 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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