Look at the size of Glencore from this news item. $35 BILLION in annual sales. They would not bother to get in partnership with First Quantum in Zambia unless they think it's potentially big dollars down the road. Glencore and First Quantum own 46% and 44% respectively in Mopani Mines. Stephen O
Glencore Hires Deutsche Bank, Others for $1.5 Bln CP, Note Sale
6/15/0 13:8 (New York)
Frankfurt, June 15 (Bloomberg) -- Glencore International AG,
one of the world's biggest metal trading companies, hired Deutsche
Bank AG and other banks to arrange and manage the sale of $1.5
billion in commercial paper and medium-term notes.
Glencore is selling $500 million Euro commercial paper and a
$1 billion Euro medium-term notes through its Glencore Capital
Ltd. unit, said Deutsche Bank, which is arranging the sale.
``Commercial paper is an attractive alternative to bank
financing at the moment,'' said Adolf Bothe, managing director of
debt capital markets at Deutsche Bank.
Salomon Smith Barney Inc. and Barclays Plc were appointed as
dealers for the commercial paper program, while ABN Amro Holding
NV, BNP Paribas, Salomon Smith Barney, CSFB Finance BV, J.P.
Morgan & Co. and UBS Warburg were hired as dealers for the notes.
Both programs are expected to be completed during the first
week of July and signed after that, Deutsche Bank said. Glencore
is seeking to list the medium term note program on the Luxembourg
stock exchange. Moody's Investors Service rates Glencore's debt
Baa2, while Standard & Poor's rate it BBB+.
Closely held Glencore International, which had annual sales
of $35 billion last year, guarantees for all issues.
--Silje Skogstad in the Frankfurt newsroom (49 69) 92041-157, or
sskogstad@bloomberg.net/GI
|
