	bp units seek five billion dlr revolving credit bp international and bp north america are seeking a five billion dlr four year syndicated credit facility in support of british petroleum co plc s tender offer for the pct of standard oil co it does not already own morgan guaranty trust co of new york said as arranger the facility to be guaranteed by british petroleum co plc bp l is probably the largest credit facility ever arranged in europe bond analysts said full terms will be announced either later today or tomorrow morning bp said earlier it planned a tender offer for the pct of standard it does not already own for dlrs a share cash the financing being arranged by morgan guaranty will take the form of a fully committed revolving credit as announced earlier bp also is arranging a u s commercial paper program in connection with the tender and part of the revolver will be used to support that program the exact size of the u s program has not been decided and the dealers have not yet been chosen the credit facility will also allow the borrower to issue cash advances with maturities of one three or six months through a tender panel which will be comprised of banks committed to the facility despite the unprecedented size of this euromarket facility morgan guaranty said that it was being syndicated only among bp s relationship banks as a result banks were being offered lead manager status at mln dlrs co lead management at mln and manager at mln although pricing on many credit facilities has become extremely fine in recent years because of the keen competition to win mandates morgan guaranty said banks would be compensated fairly since this is a special purpose facility which must be completed quickly with signing expected in about days reuter 
