Loans obtained by BP (NYSE:BP), worth $4.75 billion, which will be used to back the liquidity of the company, will reportedly be funded next week after the oversubscribed closing, according to bankers.
Royal Bank of Scotland (NYSE:RBS) and Societe Generale arranged a $2.25 billion loan, which was originally $2 billion. That is backed by BP crude sales from its stake in the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
The remaining loan for $2.5 billion was arranged by BNP Paribas and Standard Chartered, and will have as collateral crude oil sales from Angola assets.
For the first two years of the five-year amortizing loans, BP will pay margins of 250 basis points (bps) over LIBOR. After that they'll increase to 300 for the third year of the loan, and for the final two years rise to 335 basis points.
The loans will mature on June 30, 2015.
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