Glencore International, the worlds greatest metals trader, has lifted $10.2 billion in loans to refinance existent debt and cut costs as it prepares for a expected flotation.
The Swiss-based company, that is owned by a organisation of the comparison traders, told the marketplace last month that it was looking $7 billion in loans.
It pronounced currently that clever direct from banks meant that the volume lifted had increased. The comforts ... sealed almost oversubscribed due to strong demand, Glencore said.
The move is the ultimate between commodity companies to take value of reduce interest rates and higher metals prices.
In Dec Glencore released $2.2 billion of automobile bonds, that will convert to equity should it go forward with a flotation. The holds valued Glencore at $35 billion.
There is drawn out conjecture that it will grasp a inventory in London by merging with Xstrata, the mining association that it founded and in that it holds a 34 per cent stake.
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