News

Leading international law firm Clifford Chance has advised on two key financings for Glencore announced in the last two weeks, with an aggregate value of approximately US$15.57 billion.

On the first the firm has advised a syndicate of lenders, comprising more than 90 banks, in connection with the revolving credit facilities totalling US$12.47 billion for Glencore International and Glencore Singapore. The credit facilities were signed and closed on 25 April. 

The second involved advising a separate syndicate of lenders, comprising more than 30 banks, on a US$3.1 billion liquidity backstop facility for Glencore International, in connection with its proposed merger with Xstrata.  The facility was signed on 17 April. 

Russell Wells, the partner who led the team said: "Clifford Chance is delighted to have advised the lenders on these two significant financings for Glencore. Following our involvement in the company's IPO in 2011, we're proud to continue our association with Glencore and the banks supporting them as it continues to build momentum in the market."

James Pay, partner and co-head of Clifford Chance's mining group said: "These financings are indicative of the growth enjoyed by companies with strong track records, particularly for those within robust sectors like mining. We are delighted to have been involved."

The Clifford Chance team was led by energy & infrastructure focused partner Russell Wells, supported by senior associates Vicky Ma, Shauaib Mirza and associate Kristen Chatellier.  Banking partner Andrew Brereton and senior associates Daniel Tan and Zhi Chao Chor in Clifford Chance's Singapore office provided local law expertise to the team.