Glencore Xstrata has signed a new $17.3 billion revolving credit facility, to replace the pre-merger credit of Glencore and Xstrata and provide working capital. The facilities were initially launched at $12 billion and were substantially oversubscribed, the commodities mining and trading firm said on Friday. “The strong result of syndication and the competitive terms achieved under this transaction demonstrate the widespread support across the banking sector for the newly merged company,” said the company’s Chief Financial Officer Steven Kalmin. The refinancing is one of the biggest loans in Europe this year. Santander, Barclays, Commerzbank , Societe Generale and the Royal Bank of Scotland were the active bookrunners.