BP May Increase Azerbaijan Oil Loan to $2.25 Billion
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BP Plc may increase a loan backed by Azerbaijan oil sales to $2.25 billion from a planned $2 billion after the deal drew surplus demand, two people familiar with the matter said.
More than 15 banks joined the deal during syndication and offered to lend more than the initial amount, said the people, who declined to be identified because the transaction is private. The loan is linked to revenue from the Azeri-Chirag-Deepwater Gunashli field off the coast of Azerbaijan, according to an Aug. 16 statement from lenders led by Royal Bank of Scotland Group Plc and Societe Generale SA.