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Shell signs innovative $10 billion revolving credit facility

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Shell signs innovative $10 billion revolving credit facility

New Delhi: British-Dutch oil and gas multinational Royal Dutch Shell today announced it has signed a $10 billion revolving credit facility. The new facility replaces Shell’s existing $8.84 billion revolving facility and is provided by a syndicate of 25 banks, the company said in a release. 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), the company said. 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. “We are delighted to support the transition to new benchmark interest rates with this, market leading, syndicated SOFR facility,” Russell O’Brien, Group Treasurer at Shell said in a statement. The oil and gas multinational has set a target to reduce the net carbon footprint of energy products it sells by 50 per cent through 2050 and by 20 per cent by 2035. The company has also set a three-year target to reduce its net carbon footprint by 2 per cent to 3 per cent by 2021 as compared to 2016 levels. The $10 billion unsecured revolving credit facility consists of a five-year $8 billion revolving credit facility and a one-year $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender. Bank of America and Barclays Bank acted as joint co-ordinators for the facility. Follow and connect with us on Twitter , Facebook , Linkedin