Shell replaces its $8.84 billion revolving credit facility
BAKU, Azerbaijan, Dec.13By Leman Zeynalova – Trend:
Royal Dutch Shell plc has signed a $10 billion revolving credit facility, replacing its $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks, Trendreports citing the company.
A revolving credit facility is a committed bank loan facility which allows a company to borrow funds at short notice if required.
In anticipation of the cessation of the London Interbank Offered Rate (LIBOR), this is one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate (SOFR). Also, in a first for Shell, the interest and fees paid on the facility will be linked to Shell’s progress towards reaching its short-term Net Carbon Footprint intensity target, as published in its Sustainability Report.