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Glencore raises $2.5 billion in new rights issue, despite record low share price

Swiss miner and trader sold shares at 125 pence apiece; Sale is part of debt-reduction plan announced last week

Key Speakers At The St. Gallen Symposium


(Bloomberg) — Glencore Plc, the worst performer on the U.K.’s benchmark stock index this year, is selling as many as 1.3 billion new shares to pay down debt and avert a credit- rating cut. The stock would be valued at $2.57 billion at Tuesday’s closing price.

The offering, taking place on the same day the shares hit a record low, represents 9.99 percent of Glencore’s existing equity, the Swiss commodities trader and miner said in a statement Tuesday. The deal probably will price within a 5 percent discount to the 128.05 pence close, said a person familiar with the transaction, who asked not to be identified before results are made public. There is demand for all shares in the book build, although orders below 125 pence risk missing out, according to terms obtained by Bloomberg.

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Read the full story at Bloomberg, by Jesse Riseborough



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