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Glencore refinancing aims for 2020 final maturity

Glencore refinancing aims for 2020 final maturity

The syndication of refinancing by Glencore has been backed by a group of active bookrunners, with a total of 58 banks committing to the facilities.

Firms: Clifford Chance (active bookrunners: BNP Paribas, HSBC Bank plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Financial Group and Santander UK plc); Linklaters (Glencore)

Deal: BNP Paribas, HSBC Bank plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd., a member of the Mitsubishi UFJ Financial Group and Santander UK plc have agreed to be the active bookrunners in the syndication of Glencore's refinancing of its short-term revolving credit facilities.

Value: US$9.085 billion

Area: Finance, banking

Key players: Clifford Chance Australia managing partner Richard Gordon (pictured) led the legal team advising the group of active bookrunners. Perth-based counsel Mark Gillgren and associate Steven Meacher also assisted with the deal.

London-based partner Russell Wells led the team in the UK backed by senior associate James Harrison, and lawyers Samiha Bham and Suzanne Dand.

Significance: Headquartered in Switzerland, Glencore is a multi-national commodity trading and mining company. 

The refinancing of Glencore’s short-term revolving credit facilities has increased the size of the facilities from US$7.335 billion to US$9.085 billion, with final maturity to occur in May 2020.

HSBC acted as the global co-ordinator for the banks acting as lead arrangers and bookrunners in the refinancing.

According to Clifford Chance partner Richard Gordon, the firm was well positioned to advise five of the active bookrunners for the refinancing on account of its cross border teams.

“This landmark matter involved a total of 58 banks committing to the facilities, including 31 mandated lead arrangers and bookrunners,” Mr Gordon said.

“Our ability to bring together a highly-talented team from Sydney, Perth and London meant that HSBC, as the global co-ordinator for the banks, worked with lawyers familiar with their operations and experienced in similar transactions in this space.”

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