Glencore Xstrata Raises US$17B Credit Lines

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Recently minted commodities and mining powerhouse Glencore Xstrata said today the firm was able to raise a new set of syndicated credit facilities to replace the previous ones held by Glencore and Xstrata before they merged.

An overwhelming show of confidence in the one of the world’s largest mining company was given by 80 banks, which committed a total of US$17.34 billion worth of credit facilities – over US$5 billion more than US$12 billion initially launched.

“The Facilities are for general corporate purposes and replace the previous revolving credit facilities of both Glencore and Xstrata plc,” the company stated.

Chief Financial Officer, Steven Kalmin commented: “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.”

Shares of the FTSE 100 firm rose 1.9% by 8:20 AM GMT, following the announcement.

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