Glencore International has signed oversubscribed revolving credit facilities worth US$12.8bn to renew its existing loans.

The facilities were initially launched at US$10bn, and according to Glencore were substantially oversubscribed due to strong demand from financial institutions globally.

A total of 91 banks are involved in the deal, including 22 mandated lead arrangers and bookrunners, who each committed US$350mn. The funding terms are essentially unchanged in comparison to the existing facilities, Glencore reveals

The facilities include a US$4.435mn 14-month revolving credit transaction with a 10-month term-out option and a 10-month extension option, which refinances Glencore’s existing US$3.535mn 364-day revolving credit facility maturing in May 2012.

The facility has two tranches of US$3.725mn and US$710mn respectively.

The facilites also include an amount of US$8.03mn, which forms part of Glencore’s existing US$8.37mn three-year revolving credit facility, and has been extended for a further year to May 2015.

Steven Kalmin, chief financial officer, says: “The successful renewal of our existing revolving credit facilities on attractive terms demonstrates that ample funding remains available, in size, for companies such as Glencore.”

Glencore could not confirm the names of the banks involved in the deal when contacted by GTR.

Glencore has also signed an oversubscribed US$3.1bn syndicated loan backing the proposed merger with mining group Xstrata. The loan was scaled back from US$11bn.