Miner signs $7.7bn loan commitment,with shares jumping more than 10% as investors applauded its ability to secure new lendingConcerns about the financial health of the commodities company Glencore gain receded after its banks queued up to take section in a multi-billion-dollar debt restructuring.
Glencore said its 37 main lenders offered up to $8.4bn (£5.9bn) of loans, some $3bn more than they had previously made available to the company. The offering was scaled back to $7.7bn and the refinancing process will be opened up to a further 30 banks in the moment quarter of the year, or potentially taking the total above $8bn. Related: UK unemployment rate disappoints while weekly earnings growth slips - live Continue reading...
Source: theguardian.com