Bloomberg News

Glencore Plans $2.7 Billion Loan to Replace Xstrata-Backed Debt

June 14, 2011

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 pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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