Clifford Chance

Clifford Chance advises lenders in connection with Glencore's US$9.975 billion revolving credit facilities

International law firm Clifford Chance has advised a banking syndicate in relation to the refinancing of Glencore's revolving credit facilities totalling US$9.975 billion. The transaction involved 48 banks and 31 mandated lead arrangers and bookrunners, with HSBC Bank leading as coordinating bank and active bookrunner, alongside Commerzbank, Deutsche Bank and UniCredit Bank as active bookrunners and Barclays Bank as agent of the finance parties.

This transaction signifies a welcome step towards a wider acceptance of electronic signatures in large-scale syndicated lending where financial institutions are spread across multiple jurisdictions and time zones. The Clifford Chance team demonstrated that a complex transaction with parties from multiple jurisdictions can be successfully completed despite the restrictions and lockdowns put in place by multiple governments as a result of COVID-19. This was achieved by the transaction team working closely with the Clifford Chance knowledge team to devise practical solutions to the issues arising from the global lockdown. The transaction team also worked closely with the lending syndicate to understand and accommodate issues faced by individual signatories from all over the globe and effectively resolved these issues within short time frames.

A key part of this solution was the bespoke signing process organised by the Clifford Chance team which allowed parties to sign various documents using a wide range of electronic signing methods, including electronic signing platforms and digital signatures. Clifford Chance's guide on electronic signings was immensely useful in facilitating the discussion with the banks.

The core Clifford Chance team working on the transaction was led by partner and global head of the energy and resources practice Russell Wells, based in London, alongside senior associates Bryony Theaker and Prakruthi Gowda and associate Artem Kadikov. Clifford Chance Australia's managing partner Richard Gordon, with counsel Mark Gillgren, associate Ran Bi and graduate lawyer Joshua Banks, advised on Australian law matters.