March 31 (Reuters) – Glencore PLC:
* 2020 DISTRIBUTION AND REVOLVING CREDIT FACILITIES
* BELIEVES IT PRUDENT TO DEFER ITS DECISION AS TO WHETHER TO PROCEED WITH PROPOSED CASH DISTRIBUTION OF $0.20 PER SHARE (C. $2.6 BLN) IN 2020
* FACILITIES HAVE BEEN REFINANCED AND EXTENDED, EFFECTIVE 22 MAY 2020, ON SAME COMMERCIAL TERMS AS OUR 2019 FACILITIES
* SHORTER-TERM FACILITIES WERE INITIALLY LAUNCHED AT $8 BLN AND CLOSED SUBSTANTIALLY OVERSUBSCRIBED, RAISING $10.75 BLN
* THERE EXISTS RISK OF MATERIAL PRODUCTION DISRUPTION DUE TO COVID-19
* LONGER-TERM $4.65 BLN REVOLVING CREDIT FACILITY WAS EXTENDED TO 2025
* UNSECURED FACILITIES CONTAIN NO FINANCIAL COVENANTS, NO RATING TRIGGERS, NO MATERIAL ADVERSE CHANGE CLAUSES, NO EXTERNAL FACTOR CLAUSES
* SCALED BACK SUBSCRIPTION LEVELS AND ULTIMATELY INCREASED SIZE OF FACILITIES TO $9.975 BLN, UP FROM $9.775 BLN SIGNED IN 2019 Source text for Eikon: Further company coverage:
