Saudi Aramco renews $4bn credit facility

RIYADH: Saudi Aramco has renewed a $4 billion revolving credit facility with banks, the state-run oil company said on Saturday.The new five-year deal, which refinances an existing $4 billion facility signed in 2006, is split into a $2.5 billion tranche — including a $1 billion one-year facility — and $1.5 billion denominated in Saudi riyals, Aramco said in a statement on its website.”The average margin for the five year facilities is 16 basis points (bps) and for the 364 day facility 13 bps (over LIBOR),” the statement said.”The facility includes 28 participating financial institutions and was nearly 250 percent oversubscribed,” it said.Bank of America Merrill Lynch, Credit Agricole, Deutsche Bank, Mizuho, Societe Generale, National Commercial Bank and Samba Financial Group were mandated lead arrangers – Arabnews