Singapore's GIC bets on Glencore shares with $250 million swap

Reuters UK, 29 Apr 2013
(Reuters) - Singaporean sovereign wealth fund GIC is seeking to swap a $250 million portion of its holding in Glencore International Plc convertible bonds into shares in the company, in a vote of confidence as the commodities trader wraps up its takeover of miner Xstrata Plc .
GIC was a key investor in 2009, when, in a step paving the way for its listing, Glencore issued to a small group of investors a $2.3 billion bond that would become convertible into stock when it went public, yielding an unusually high coupon of 5 percent. The trader then did list, in 2011.
GIC has not disclosed how much it invested in the bond. One source familiar with the matter said the fund was among the largest investors at the time, with the $250 million being sold amounting to roughly half its remaining holding. Full story

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Singapore GIC to sell Glencore bonds, to buy shares - TheSunDaily.my