Glencore sells $2.2 billion in bonds

Dec 23, 2009 | 10:50 AM | Clementine Wallop

Glencore International AG has sold convertible bonds worth up to $2.2 billion to institutional investors in the strongest indication yet that it might be preparing to launch an initial public offering (IPO).

The bonds, due in December 2014, "are convertible at the option of investors into Glencore shares upon a qualifying IPO or upon other pre-determined qualifying events," the Zug, Switzerland-based trader said Wednesday.

Investors include U.S. private equity company First Reserve Corp., the Government of Singapore Investment Corp. (GIC), BlackRock Inc. and Chinese copper and gold producer Zijin Mining Group Co. Ltd., the Glencore said, adding that it had increased the deal size from the initial $1.5 billion to $2 billion amid strong investor appetite.....





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