(Repeats story first published late Wednesday; no change to
By Alasdair Reilly
LONDON May 7 Global miner BHP Billiton
has signed a $6 billion revolving credit facility that
will be used to refinance existing facilities, coordinating
banks Deutsche Bank and Royal Bank of Scotland said in a
statement on Wednesday.
BHP's existing $5 billion and $1 billion multicurrency
credit facilities have been cancelled as a result of the
The loan, which has a five-year maturity with a two one-year
extension options, will be used for general corporate purposes
and as backup for commercial paper programmes.
The financing closed oversubscribed after unanimous support
from the group of existing and new relationship banks invited
during syndication. BHP elected not to take an increase and
participating banks were scaled back.
BHP has taken advantage of strong competition in the
European syndicated loan market to refinance its financing on
The new financing pays a margin of around 20 basis points
(bps) over LIBOR, banking sources said previously. [ID:
BHP is rated A+ by Standard & Poor's, A1 by Moody's and A+
(Editing by Christopher Mangham)