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ING Bank, acting as mandated lead arranger, has successfully closed a syndicated committed bond facility in the amount of US$885mn for Glencore, initially launched at US$500mn.


The loan is a one-year facility whereby the borrower may issue various types of bonds (including bid and performance bonds, standby LCs) and financial guarantees expiring latest 18 months thereafter.


This facility replaces the US$500mn committed bonding facility signed on November 12 last year.


It reassures and increases Glencore’s committed bonding and liquidity capacity.


The mandated lead arranger has been joined by Royal Bank of Scotland as mandated lead arranger. Lead arrangers are ABN Amro, BNP Paribas, Caja Madrid, UFJ Bank and KBC Bank.


Co-arrangers are Bayerische Hypo-und Vereinsbank, DBS Bank, Deutsche Bank, Dresdner Bank, DZ Bank, HSH Nordbank, Landesbank Hessen-Thuringen, Mizuho Corporate Bank, Natexis Banques Populaires, Scotia Capital, SEB Merchant Banking and Sumitomo Mitsui Banking Corporation.


Arrangers are Banca Nazionale del Lavoro, HSBC Bank, LRP Landesbank Rheinland Pfalz, Luzerner Kantonalbank, RZB, ANZ, Credit Suisse and National Australia Bank.


Glencore International, based in Baar, Switzerland, is a leading privately-held, diversified natural resources company with worldwide activity in the smelting, refining, mining, processing, purchasing, selling and marketing of metals and minerals, energy products and agricultural products.


It is rated BBB- (stable) and Baa3 (stable) respectively by Standard & Poor’s and Moody’s. For the 2004 fiscal year, Glencore’s turnover was US$71.9bn, total assets were US$23bn and total shareholders funds were US$4.6bn as at December 31, 2004.