BP gets $5bn loans on oil sales

first_imgMonday 16 August 2010 8:43 pm Show Comments ▼ whatsapp Beleaguered energy giant BP?has secured $5bn (£3.2bn) fresh financing by securing debt against its revenues from oil sales for the first time. It is understood the debt will be used to ease BP’s general liquidity position rather than to fund the $20bn escrow account set up to pay for damages caused by its gargantuan oil spill off the coast of Louisiana in the US. BP said the loans created “further flexibility for BP as an alternative form of financing in addition to its more conventional debt financing such as corporate lending”. KCS-content BP gets $5bn loans on oil sales Tags: NULL whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img read more