June 14 (Bloomberg) -- Glencore International Plc, the largest listed commodity trader, said it’s planning a $2.7 billion loan to replace debt backed by its stake in Xstrata Plc.
The new two-year facility will be completed by the end of June, Baar, Switzerland-based Glencore said today after it reported first-quarter net income rose 47 percent from a year earlier to $1.3 billion.
Xstrata, the world’s fourth-biggest copper producer, has a market value 39.5 billion pounds ($64.7 billion). Glencore owns 34.5 percent of the Zug, Switzerland-based company.
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