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Glencore signs $17.34bn deal

Johannesburg - Glencore Xstrata announced on Friday that it had signed revolving credit facilities for a total amount of $17.34bn.

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 $12bn and closed substantially oversubscribed‚ raising in excess of $19bn‚ 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.

The facilities comprise:

• a $5.92bn 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option. The facility has two tranches of $3.515bn and $2.405bn.

• a $7.07bn 3-year revolving credit facility with two 12-month extension options.

• a $4.35bn 5-year revolving credit facility.

Abbey National Treasury Services plc (trading as Santander Global Banking and Markets)‚ 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.

Steven Kalmin‚ CFO‚ 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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