Big tickets are back as BHP gets funding for $40bn bid

BHP Billiton has obtained a loan to back its $40bn hostile takeover bid for PotashCorp of Saskatchewan. The miner announced on Wednesday morning that its cash offer was fully funded. Although the size of the facility is still unknown, and BHP could use cash on balance sheet as well as debt, it is set to be the biggest loan since 2007. BHP is no stranger to jumbo facilities. It obtained one of $55bn, the largest-ever, in late 2007 for its unsuccessful attempt to buy Rio Tinto (the loan was then cancelled). Barclays Capital, BNP Paribas, JPMorgan, Royal Bank of Scotland, Santander and TD Securities are advising BHP over PotashCorp. They are all set to be involved with the financing. Read more on Friday.