London's FTSE 100 continues to recover on the back of financials and corporate earnings
London stock markets rose broadly for the second consecutive session on Wednesday. Gains in financial stocks, and positive corporate earnings helped the indexes recover most of their losses earlier this week. The blue-chip FTSE 100 ended the day 1.8% higher, its highest showing in over four months. Meanwhile, the mid-cap FTSE 250 closed 1% up. Gains were made as the global appetite for risk improved following the Bank of Japan's unexpected reluctance to raise rates.
Glencore Inks US$9.085bn Loan Refinancing
Global diversified natural resource company Glencore has signed US$9.085bn of loans to refinance its existing short-term revolving credit facilities, the company said on Thursday. The facilities replace Glencore’s existing US$7.335bn one-year revolving credit facility agreed in May 2017. The financing launched at US$6bn and closed oversubscribed, raising US$9.7bn from the market after receiving strong support from the company’s broad group of existing banks.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility has also been refinanced for the same amount after the facility was increased from the launch amount of US$750m. The loan was launched into syndication on August 22 and supported by a total of 55 banks.
Hellenic Petroleum to Issue 5-year Notes to Refinance Debt
Greece's biggest oil refiner Hellenic Petroleum plans to issue five-year senior unsecured notes to refinance outstanding debt, the company said on Thursday. The proceeds will be used to buy back for cash part of 500 million euros of 8 percent notes due May 2017 and repay other outstanding debt, Hellenic said in a statement. Credit Suisse and HSBC Bank will act as global coordinators for the issue, while Greece's Eurobank, Alpha Bank , NBG Securities S.A. and Piraeus Bank will act as joint bookrunners for the issue.
Shell Signs $15.3b Bridge Loan
Royal Dutch Shell (RDSa.L) has agreed a 10.07 billion pound ($15.28 billion) bridge loan from a group of relationship banks backing its 47 billion pound takeover of smaller rival BG Group (BG.L), the company announced on Friday. The two-year loan replaces a 3.025 billion pound interim bridge loan that was provided in early April by Bank of America Merrill Lynch. The bridge loan will be used, along with existing cash, to cover the 13.2 billion pound cash portion of the cash and share deal.
