Glencore Backs Katanga's C$7.6 Billion Rights Offering to Cut DRC Unit's Debt
November 07 2019 - 10:17AM
Dow Jones News
By Max Bernhard
Katanga Mining Ltd. (KAT.T) said Thursday that it plans to raise
7.6 billion Canadian dollars ($5.77 billion) in a rights offering
to repay debt to Glencore PLC (GLEN.LN), its majority
shareholder.
"Glencore has agreed to accept the rights offering proceeds of
approximately C$7.6 billion or the equivalent in common shares
issued from treasury under the rights offering to repay US$5.8
billion of debt to Glencore," Toronto, Canada-listed Katanga
said.
The company operates a copper and cobalt mine complex in the
Democratic Republic of Congo. British-Swiss mining giant Glencore
isn't committing any new monies to Katanga as a result of the
rights offering, it said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 07, 2019 10:02 ET (15:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Glencore (LSE:GLEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glencore (LSE:GLEN)
Historical Stock Chart
From Apr 2023 to Apr 2024
