Daily News: June 14, 2013

Barclays, Others Provide More Than $17B to Glencore

Glencore Xstrata announced the signing of revolving credit facilities for a total amount of $17,340 million. The facilities are for general corporate purposes and replace the previous revolving credit facilities of both Glencore and Xstrata.

The facilities were initially launched at $12 billion and closed substantially oversubscribed, raising in excess of $19 billion, due to strong support from Glencore’s broad and deep group of relationship banks. A total of 80 banks have committed to the facilities, including 29 mandated lead arrangers and bookrunners.

Abbey National Treasury Services, Barclays Bank, Commerzbank Aktiengesellschaft, Société Générale CIB and The Royal Bank of Scotland were the active bookrunners in the syndication.

The facilities comprise:
• A $5,920 million 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option. The facility has two tranches of $3,515 million and $2,405 million;
• A $7,070 million three-year revolving credit facility with two 12-month extension options; and
• A $4,350 million five-year revolving credit facility.

Glencore Xstrata is an integrated producer and marketer of commodities, headquartered in Baar, Switzerland. Glencore Xstrata has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.