BP raises $10bn in new revolving facility

By Silas Brown
06 Apr 2020

BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices.

BNP Paribas fully underwrote the transaction, which has a two year maturity, and then syndicated it to roughly 20 banks. There is a $4bn swingline within the facility.

“It was very well received, notwithstanding the issues in the sector,” said a banker close to the situation. “They are ...

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