BP raises $10bn in new revolving facility

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 ...Already a subscriber? Login