Petrofac Said to Raise $1.5 Billion 5-Year Loan for Operations
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Petrofac Ltd., a U.K. oil and gas company, is raising about $1.5 billion from a five-year loan to fund operations, helped by Barclays Plc and Standard Chartered Plc, according to two people familiar with the situation.
About 10 other banks are expected to participate in the revolving credit facility that pays interest of 150 basis points to 200 basis points above the benchmark rate, the people said, asking not to be identified because the information is private. The loan was increased from an original $750 million to $1 billion on demand from the banks, one of the people said.