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Glencore Xstrata gets revolving credit

Johannesburg - Resources group Glencore Xstrata has signed revolving credit facilities for a total amount of $17.340bn‚ the company said on Friday.

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 committed to the facilities‚ including 29 mandated lead arrangers and bookrunners.

Abbey National Treasury Services‚ Barclays Bank‚ Commerzbank Aktiengesellschaft‚ Société Généraleand The Royal Bank of Scotland were the active bookrunners in the syndication of the facilities.

Chief financial officer Steven Kalmin said: "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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