Glencore announces $15bn new financial facility

Glencore has signed a massive revolving credit facility for US$15.25 billion.
The facilities were launched at US$14 billion initially, but were heavily oversubscribed and raised US$17 billion in total.
Around 60 banks committed to Glencore’s facilities, including 34 mandated lead arrangers and bookrunners.
According to Glencore the facilities will be used to refinance the miner’s existing US$8.7 billion one year revolving credit facility originally signed this time last year, and both amend and extend its US$6.6 billion five year revolving credit facility signed at the same time.
The new and amended facilities will be used for general corporate purposes such as a US$8.45 billion 12 month revolving credit facility with a 12 month term out option and a 12 month extension option, and a US$6.8 billion five year revolving credit facility with two 12 month extension options.
Banco Bilbao Vizcaya Argentina, HSBC, Lloyds, and Rabobank were the active bookrunners in the syndication of these new facilities.  

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