Shell agrees $10 billion loan in ‘innovative deal’ with 25 banks

Oil major Shell has signed a $10 billion revolving credit facility, which replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks.

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), Shell said in a statement on Friday.

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.

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