Giant bulker and tanker charterer Glencore has renewed $12.7bn of credit facilities but has cut its overall borrowings.
The group, which is involved in mining and commodities trading, said shorter-term 12-month revolving credit facilities of $8.07bn were extended to May 2022, while longer-term debt of $4.65bn was stretched to May 2026.
The refinancing involved 44 banks, down from 48 in 2020, while the short-term debt has been cut from $9.975bn.
