Ogier advises lenders on revolving credit facility for Glencore Xstrata

Ogier in Jersey has advised a syndicate of lenders in connection with a $17bn (£11bn) revolving credit facility for Glencore Xstrata, believed to be one of the largest loan transactions to have completed in the City of London so far this year.

Ogier in Jersey has advised a syndicate of lenders in connection with a $17bn (£11bn) revolving credit facility for Glencore Xstrata, believed to be one of the largest loan transactions to have completed in the City of London so far this year.

Ogier was also appointed as Jersey legal adviser by HSBC Bank as agent in connection with a further $750m term and revolving credit facility granted to Glencore International as borrower, with Glencore Xstrata as parent guarantor.

The $17bn revolving credit facility replaced the existing credit facilities obtained by Glencore and Xstrata prior to their merger on 2 May this year. The new credit facility will be used by the Anglo-Swiss multi-national commodities trading and mining company for general corporate purposes.

The Ogier team in Jersey consisted of partner Christopher Byrne, managing associate Bruce MacNeil and associates Kylie Maguire and Emily Barette. The English legal advisers included Clifford Chance acting for the syndicate of lenders and Linklaters acting for Glencore Xstrata.

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