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Ogier in Jersey advises on two key financings for Glencore Xstrata

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Ogier in Jersey has advised a syndicate of lenders in connection with a USD17bn revolving credit facility for Glencore Xstrata, believed to be one of the largest loan transactions to have completed in the City of London this year so far. 

 
Ogier was also appointed as Jersey legal advisors by HSBC Bank as agent in connection with a further USD750,000,000 term and revolving credit facility granted to Glencore International as borrower with Glencore Xstrata as parent guarantor and which was signed on 3 July 2013.
 
The USD17bn revolving credit facility replaced the existing credit facilities obtained by Glencore and Xstrata prior to their merger on 2 May this year.  The new credit facility will be used by the Anglo-Swiss multi-national commodities trading and mining company for general corporate purposes.
 
Christopher Byrne (pictured), the Ogier Jersey partner advising on the transaction, says: "We are delighted to have provided Jersey legal advice as the syndication of these loans has been very successful and is evidence of the support given to Glencore Xstrata by the banking sector."
 
The Ogier team in Jersey consisted of Byrne, managing associate Bruce MacNeil and associates Kylie Maguire and Emily Barette. The English legal advisers included Clifford Chance acting for the syndicate of lenders and Linklaters acting for Glencore Xstrata.

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