Glencore Xstrata plc (GLCNF.PK,GLNCY.PK,GLEN.L) has inked revolving credit facilities for $17.34 billion, which are for general corporate purposes and replace the prior revolving credit facilities of both Glencore and Xstrata plc.
The facilities were initially launched at $12 billion and closed substantially oversubscribed, raising more than $19 billion, owing to the strong support from Glencore's broad and deep group of relationship banks. In total, 80 banks have committed to the Facilities, including 29 Mandated Lead Arrangers and Bookrunners.
The company said the facilities consist of a $5.92 billion, 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option; a $7.07 billion 3-year revolving credit facility with two 12-month extension options; as well as a $4.35 billion 5-year revolving credit facility.
Abbey National Treasury Services plc, Barclays Bank PLC, Commerzbank Aktiengesellschaft, Société Générale CIB and The Royal Bank of Scotland plc were the Active Bookrunners in the syndication of the facilities. Chief Financial Officer, Steven Kalmin, commented: "The strong result of syndication and the competitive terms achieved under this transaction demonstrate the widespread support across the banking sector for the newly merged company."
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