Fears recede at Glencore as banks line up to join debt refinancing

Discussion in 'Market News' started by Lily, Feb 17, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Miner signs $7.7bn loan commitment, with shares jumping more than 10% as investors applauded its ability to secure new lending

    Concerns about the financial health of the commodities company Glencore have receded after its banks queued up to take part in a multi-billion-dollar debt refinancing.

    Glencore said its 37 main lenders offered up to $8.4bn (£5.9bn) of loans, some $3bn more than they had previously made available to the company. The offering was scaled back to $7.7bn and the refinancing process will be opened up to a further 30 banks in the second quarter of the year, potentially taking the total above $8bn.

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