On the 17th of February 2016, Glencore began to ease out access to the company’s “future cash requirements”. Likewise, it made an announcement by saying that Glencore “had signed a new revolving credit facility of a similar scope to its current one”.
The new facility is going to eventually take over the place of the “existing $8.45bn” of the “FTSE 100” company and refinance the same for its term is due to expire in the month of May 2016.
According to the board of Glencore, the senior banks of Glencore had already committed to provide “$8.4bn” whereby introducing an increment of “$3bn above existing levels” which came from thirty seven banks. As per a statement of the Glencore Board:
"Reflecting the high oversubscription level, Glencore has currently scaled back and signed in $7.7bn of such commitments and will now broaden the refinancing via launch of general syndication to some 30 additional banks in Q2 2016”.
However, Glencore also reports that the new facility is till “unsecured” for the “current facility”, whereby it contains a twelve month’s extension option besides another twelve month’s “borrower's term-out option”. Likewise, the company has extended the maturity date of its new facility to the month of May 2018.
Giving a confirmation, the board of Glencore also made it clear that the facility documentation did not provide for any “financial covenants”. Moreover, it also disclosed the names of the “active bookrunners on the deal”:
“ABN AMRO, Bank of Tokyo Mitsubishi, HSBC, ING and Santander”.
References:
http://www.digitallook.com/
The new facility is going to eventually take over the place of the “existing $8.45bn” of the “FTSE 100” company and refinance the same for its term is due to expire in the month of May 2016.
According to the board of Glencore, the senior banks of Glencore had already committed to provide “$8.4bn” whereby introducing an increment of “$3bn above existing levels” which came from thirty seven banks. As per a statement of the Glencore Board:
"Reflecting the high oversubscription level, Glencore has currently scaled back and signed in $7.7bn of such commitments and will now broaden the refinancing via launch of general syndication to some 30 additional banks in Q2 2016”.
However, Glencore also reports that the new facility is till “unsecured” for the “current facility”, whereby it contains a twelve month’s extension option besides another twelve month’s “borrower's term-out option”. Likewise, the company has extended the maturity date of its new facility to the month of May 2018.
Giving a confirmation, the board of Glencore also made it clear that the facility documentation did not provide for any “financial covenants”. Moreover, it also disclosed the names of the “active bookrunners on the deal”:
“ABN AMRO, Bank of Tokyo Mitsubishi, HSBC, ING and Santander”.
References:
http://www.digitallook.com/
