Otmane El Rhazi : Banks fall over themselves to grant Glencore $15.25-billion in revolving credit

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

Banks have fallen over themselves to grant an eventual $15.25-billion worth of revolving credit facilities to diversified mining and marketing major Glencore, as part of a refinancing exercise. Initially launched at $14-billion, the credit facilities of the London-, Hong Kong- and Johannesburg-listed company ultimately closed substantially oversubscribed at $17-billion, after Glencore's broad group of relationship banks showed strong support. The company, headed by CEO Ivan Glasenberg, did well to have 60 banks, embracing 34 mandated lead arrangers and bookrunners, commit to the facilities, which refinance Glencore's $8.7-billion one-year revolving credit facilities and amend and extend the $6.6-billion five-year revolving credit facility, both signed in June last year.