Glencore plans to raise $2.5bn in equity capital, reduce net debt

Glencore announced on Monday September 7 it is to raise up to $2.5 billion in equity capital alongside other debt and cost reduction measures aimed at significantly reducing its net debt by the end of 2016.

The proposed equity issuance alongside additional capital preservation or debt reduction measures when taken together will have an aggregate value of up to $10.2 billion, the miner-trader said.

“Notwithstanding our strong liquidity, positive operational free cashflow generation, lack of debt covenants, modest near-term maturities and the recent affirmation of our credit ratings, recent stakeholder engagement in response to market speculation around the sustainability of our leverage, highlights the desire to strengthen...

Published

Rena Gu

September 07, 2015

08:43 GMT

Shanghai