BP has raised $5bn in new loans by pledging revenues from oil sales for the first time in a bid to bolster its liquidity in the wake of the Gulf of Mexico spill.
The new financing is the latest effort to diversify its sources of funding and shore up liquidity, people close to the process said.
The proceeds will be used for general corporate financing rather than as financing for a $20bn escrow fund to pay for damages caused by the spill.
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