Glencore Xstrata has secured its first debt financing since the two constituent companies merged.

The US$17.3bn loan is one of the biggest trade finance deal of 2013 to date and comes in the form of a series of revolving credit facilities (RCFs). Initially launched at US$12bn, the loan was heavily oversubscribed and eventually involved 80 banks in total, with 29 mandated lead arrangers.

There are three components to the facility: a US$5.92bn 12-month RCF with two tranches of US$3.515bn and US$2.405bn; a US$7.020bn, three-year RCF with two 12-month extension options and a US$4.35bn five-year RCF.

Santander, Barclays, Commerzbank, Société Générale and RBS acted as active bookrunners. The loan will replace the company’s pre-merger credit and provide working capital.

Glencore Xstrata’s CFO Steven Kalmin says: “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.”