LONDON — Glencore, the world’s biggest commodity trader, has offered to buy back as much as $1.25bn of its bonds as part of a plan to reduce debt.The company offered to buy notes due in 2018 and 2019, Glencore said. The cash offer would expire on October 31 and there was an early tender deadline of October 17.Last week, Rio Tinto Group, the second-largest mining company, offered to repurchase as much as $3bn of its bonds.The world’s biggest miners are paying down debt to help combat a downturn in prices that forced them to slash dividends, rein in spending and sell assets. Glencore’s shares in London have gained 142% in 2016, bouncing off a 69p low in January as commodity prices have improved and the company has sold assets to cut its debt.Glencore CEO Ivan Glasenberg enacted a broad debt-reduction plan in 2015 to combat heightened investor concern about its $30bn debt load. The company aims to reduce debt to as low as $16.5bn by the end of 2016 after selling assets, including 49% o...
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