South Africa mines lobby urges caution on minerals export tax
A more than six-fold increase in electricity prices since 2008 and erratic power supply have negatively affected local processing.
No problems to get a loan: A total of 60 banks committed to the financing, including 34 mandated lead arrangers and bookrunners.
Mining and commodities trading giant Glencore (LON:GLEN) announced it has lined up US$15.25 billion of revolving credit facilities to refinance existing loans totalling $15.3 billion.
The new and amended facilities comprise an $8.45 billion, 12-month revolving credit facility with a 12-month term-out option and a 12-month extension option and a $6.8 billion five-year revolving credit facility with two 12-month extension options.
Initially launched at $14 billion, Glencore’s credit facilities ended up closing significantly oversubscribed at $17bn, after the company’s broad group of relationship banks showed strong support.
A total of 60 banks committed to the financing, including 34 mandated lead arrangers and bookrunners. BBVA, HSBC, Lloyds Bank and Rabobank are all involved in the deal.
