Deals
BHP $45 Billion Debt Tests Limits of Recovery: Credit Markets
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BHP Billiton Ltd. raised the most debt to finance a takeover since February 2008, underscoring a credit-market rally that has pushed corporate bond yields to record lows even as the economic recovery sputters.
BHP, the world’s biggest mining company, arranged $45 billion of loans for its hostile takeover bid of Potash Corp. of Saskatchewan Inc., the largest since it agreed to a $55 billion facility for its unsuccessful acquisition of Rio Tinto Group. Melbourne-based BHP plans to refinance the loans with bonds.