A syndicate of 94 banks has committed to three massively oversubscribed US$10.2bn revolving credit facilities for steel manufacturer Glencore.
Originally set for US$7bn, the facilities’ experienced a surge in demand during general syndication, when 76 banks joined the project; including two additional mandated lead arrangers (MLAs).
The first of the three facilities is a 364-day US$1.375bn revolving credit facility with a one-year extension option and a one-year term-out option, which will be used to refinance Glencore’s existing US$815mn, 364-day revolver due to mature on May 13, 2010.
The largest of the facilities is a US$8.37bn three-year revolving credit facility with two one-year extension options for refinancing Glencore’s US$8.21bn three-year revolver maturing primarily on May 15, 2011, but with a US$6650mn extended for another year via a forward start agreement.
Finally, a US$475mn, 354-day Asian revolving credit facility was agreed, which will be used by Glencore Singapore.
The following banks joined as mandated lead arrangers:
BNP Paribas
ING
RBS
Société Générale
Standard Chartered
Bank of America Merrill Lynch
Barclays
Citi
Credit Suisse
Crédit Agricole CIB
DBS
Deutsche Bank
Fortis Bank (Nederland)
HSBC
JP Morgan
Lloyds TSB
Morgan Stanley
Rabobank
Santander
UBS
Commerzbank
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