The oversubscribed refinancing involved a total of 58 banks committing to the facilities
Clifford Chance fielded lawyers from Australia and the UK to aid in the refinancing of the short-term revolving credit facilities (RCF) of an Anglo-Swiss commodities giant.
The Magic Circle outfit advised HSBC, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, and Santander UK as active bookrunners in the syndication of Glencore’s refinancing of its short-term RCFs.
The facilities were first launched at US$6bn, but they closed substantially oversubscribed and raised US$9.7bn. The refinancing boosted the company’s RCFs from US$7.34bn to US$9.09bn, with final maturity in May 2020.
“This landmark matter involved a total of 58 banks committing to the facilities, including 31 mandated lead arrangers and bookrunners. Our ability to bring together a highly-talented team from Sydney, Perth, and London meant that HSBC, as the global coordinator for the banks, worked with lawyers familiar with their operations and experienced in similar transactions in this space,” said Richard Gordon, Australia managing partner.
Gordon led the Clifford Chance team in Australia, which also included counsel Mark Gillgren and associate Steven Meacher in Perth.
London partner Russell Wells led the firm’s UK team, with support from lawyers James Harrison, Samiha Bham, and Susan Dand.