BG Group agrees three billion dollar syndicated credit facility

Gas giant BG Group has agreed a new five-year, three billion dollar syndicated committed credit facility.

The loan replaces $2.3bn of expiring bilateral committed credit lines.

The execution of this new, revolving credit facility was co-ordinated by Bank of America Merrill Lynch and HSBC Bank and it includes a diversified group of international banks.

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The new facility is in addition to the $2.2bn of five-year bilateral committed credit lines secured in 2011, taking the total of BG Group's undrawn committed bank borrowing facilities to $5.2bn.

The funds are earmarked to fund the growth programme across its portfolio, which includes its Queensland Curtis LNG project in Australia and a stake in the 'big five' oil fields in the Santos Basin in Brazil.

CM