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BP adds $5 bln to available credit-WSJ

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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-26-10 08:24 AM
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BP adds $5 bln to available credit-WSJ
NEW YORK, June 25 (Reuters) - BP Plc has added $5 billion to its available credit to ensure it has enough money to meet the costs of the Gulf of Mexico oil spill, according to a story on the Wall Street Journal's website.

Citing a person familiar with the matter, the Journal said that BP had arranged more than $3 billion in new unsecured bank credit lines in the last week and pick up $2 billion in borrowings against assets including its stake in Russia-controlled oil firm OAO Rosneft.


According to the story this increases the company's cash and available credit to $20 billion from the $15 billion it said it had available on June 16.


Reuters had reported on Monday that BP had for now scrapped a plan to make a large bond sale.
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