Otmane El Rhazi : Glencore in R2.5bn equity raising, $10bn capital preservation, debt cutting

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

Global commodities mining and marketing company Glencore on Monday announced a fully committed proposed equity capital raising of up to $2.5-billion alongside additional $10.2-billion capital preservation and debt reduction measures, portfolio optimisation and cost cutting actions, to lower net debt to the low $20-billion range by the end of 2016. Some 78% of the proposed $2.5-billion equity issuance, to reduce debt and increase financial strength, will be underwritten by Citi and Morgan Stanley.