Glencore extends USD8.07 billion and USD4.65 billion credit facilities

(Alliance News) - Glencore PLC on Wednesday announced the extension of its revolving credit ...

Alliance News 31 March, 2021 | 5:59PM
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(Alliance News) - Glencore PLC on Wednesday announced the extension of its revolving credit facilities as the miner manages its debt.

The Swiss commodities trader and miner said the shorter-term facilities were extended to May 2022 and the longer-term facility was extended to May 2026.

A total of 44 banks agreed to the extension across the facilities, Glencore said.

"In line with Glencore's stated target of managing net debt towards the lower end of its USD10-16 billion target range, and then sustainably maintaining this lower level, the aggregate facilities have been reduced to USD12.7 billion by way of a voluntary cancellation," Glencore said.

The extended facilities are for general corporate purposes, the company said.

These include the USD8.07 billion 12-month revolving credit facilities and a USD4.65 billion revolving credit facility with final maturity in May 2026.

Glencore shares closed 0.6% lower at 284.25 pence each in London on Wednesday. Its Johannesburg shares ended down 0.9% at ZAR58.08.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Glencore PLC 317.05 GBX -1.23

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