Clifford Chance advises Glencore on refinancing and extension of its Revolving Credit Facilities

Clifford Chance advises on refinancing and extension of Glencore's Revolving Credit Facilities

4 April 2019

Russell Wells , Suzanne Dand , Richard Gordon , Mark Gillgren , David Brinton , Mark Sheehy
London , New York , Sydney , Perth

Clifford Chance advises on refinancing and extension of Glencore's Revolving Credit Facilities

Leading international law firm Clifford Chance has advised a banking syndicate in relation to the key refinancing and extension of Glencore's revolving credit facilities effective 24th May 2019, with an aggregate value of approximately US$14.43 billion.

Fielding a cross-border team, Clifford Chance acted for a syndicate of lenders with Citi leading as coordinating bank in respect of a new revolving credit facility totalling US$9.775 billion. The transaction comprised a total of 53 banks and 31 Mandated Lead Arrangers and Bookrunners. The firm also advised on amending and restating Glencore's existing revolving credit facility to reduce to US$4.65 billion (from US$5.115 billion) and extending the term to May 2024, with two 12-month extension options.

The London team was led by partner and global head of energy Russell Wells, alongside associate Suzanne Dand. Australia Managing Partner Richard Gordon with counsel Mark Gillgren and senior associate Steven Meacher led on Australian law matters. The New York team comprised corporate partner David Brinton, banking partner Jay Gavigan, backed by lawyers Katherine Ward and Mark Sheehy.