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.
--Editors: Cecile Gutscher, Paul Armstrong
To contact the reporter on this story: Patricia Kuo in London at firstname.lastname@example.org
To contact the editor responsible for this story: Faris Khan at email@example.com