Refinancing of short-term revolving credit facility

posted: 31/03/2022

Baar, Switzerland
31 March 2022

Glencore plc ("Glencore") is pleased to announce the refinancing of its committed short-term revolving credit facilities (the "Facilities").

The Facilities were initially launched at $5 billion, closing substantially oversubscribed, with commitments received in excess of $6.8 billion.

Reflecting strong support from Glencore's broad group of relationship banks:

  • Glencore scaled back subscription levels to $6.535 billion, materially in line with the $6.572 billion facilities being refinanced
  • A total of 39 banks committed to the Facilities, including 29 Mandated Lead Arrangers and Bookrunners.

The revolving credit facilities are for general corporate purposes, now comprising:

  • a $6.535 billion 12-month revolving credit facility (maturing May 2023), with a 12-month term-out option at the borrower’s discretion, and two 12-month extension options at the lenders’ discretion
  • a $4.65 billion revolving credit facility, $4.2 billion of which matures in May 2026 and $450 million in May 2025.

As in previous years, these committed unsecured Facilities contain no financial covenants, no rating triggers, and no material adverse change clauses.

For further information please contact:

Investors

Martin Fewings    
t: +41 41 709 28 80    
m: +41 79 737 56 42    
martin.fewings@greateasyphotos.com

Media

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 33 20    
charles.watenphul@greateasyphotos.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. Through a network of  assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today. 

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021 we increased our medium-term emission reduction target to a 50% reduction by 2035 and introduced a new short-term target of a 15% reduction by 2026.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.