BG Group signs US$500 million credit agreement with Export Development Canada

abarrelfullabarrelfull wrote on 23 Apr 2012 20:02
Tags: bg-group canada n-america

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BG Group today announced a US$500 million credit agreement with Export Development Canada (EDC). The agreement has an initial term of four years with the option to extend for an additional 12 months.

The agreement with EDC will build upon BG Group’s existing relationships with Canadian service providers and will encourage BG Group to examine other potential procurement opportunities for Canadian goods and services across the Group’s global portfolio.

BG Group Chief Financial Officer, Fabio Barbosa said: “We are pleased to have secured this US$500 million credit facility with EDC and we look forward to developing our relationship with them.

"In addition to this agreement, in the last 12 months we have successfully raised $5.6 billion on the international bond markets; increased our uncommitted facilities to $4.5 billion; signed a memorandum of understanding with the Bank of China for up to $1.5 billion of funding support; and, received initial approval from the Brazilian Development Bank for up to $1.8 billion in long-term finance.

"This latest agreement builds on those successes which continue to diversify our international funding sources and help underpin the delivery of our global growth programme."

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