Glencore Xstrata has signed a new revolving credit facility worth more than £11billion to provide working capital.
The refining and commodities trading firm originally had a $12billion (£7.7billion) facility after the merger of Glencore and Xstrata, to replace the companies’ existing credit facilities.
However, this was substantially oversubscribed – by more than $7billion – before the new facility was negotiated.
“The strong result of syndication and the competitive terms achieved under this transaction demonstrate the widespread support across the banking sector for the newly merged company,” said Steve Kalmin, chief financial officer at Glencore Xstrata.
Santander, Barclays, Royal Bank of Scotland, Commerzbank and Societe Generale were the active bookrunners for the new facility.