Glencore International has tapped the pan-continental syndicated loan market for credit facilities and extension deals worth US$11.9bn.

The Swiss trading company tapped European and Asian markets to sign a one-year revolving credit facility for US$3.5bn, as well as extending the maturity of a three-year US$8.3bn facility by one year.

The money from the new loan will be used to refinance a 2010 US$1.9bn revolving credit facility.

A source with knowledge of the deal confirmed to GTR that the new revolving facility is priced at 110 basis points.

BNP Paribas, Crédit Agricole, DBS Bank and Rabobank International acted as bookrunners on the deal.

A second source also told GTR that ABN Amro, Banco Santander, Bank of America Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, ING, JP Morgan, Lloyds Bank, Morgan Stanley, Royal Bank of Scotland, Société Générale, Standard Chartered and UBS acted as mandated lead arrangers.

The syndication was oversubscribed by almost US$3bn, after it was launched for an aggregate amount of US$9bn at the start of April.

A total of 77 banks committed during general syndication.