Glencore agrees more than $14bn of credit facilities

Glencore has arranged more than $14bn of bank loan agreements including oversubscribed short-term facilities of almost $10bn.

The FTSE 100 miner and commodities trader initially sought $8bn of 12-month revolving credit but after the refinancing was “substantially oversubscribed” it increased the size of the facilities to $9.775bn.

Glencore said 53 banks committed to the facilities, including 31 lead arrangers and bookrunners.

The company’s five-year $4.65bn revolving credit facility was voluntarily reduced from $5.12bn and extended to 2024 with two one-year extension options reinstated.

Glencore said both facilities were for general corporate purposes. The company’s shares rose more than 2% in early trading and were up 1.8% at 317.25 at 11:11 UK time in London.