Petro-Canada

Petro-Canada (TSX: PCA, NYSE: PCZ) is a Canadian oil and gas firm. Its headquarters are in the Petro-Canada Centre in Calgary, Alberta.

Financial Plan

Petro-Canada plans to spend $5.3-billion (Canadian) in 2008 on a variety of projects and up to $7-billion of capital spending in each coming year.

The last Petrocan loan, struck in 2006, featured 11 lenders. Five were domestic banks, with TD playing a relatively small role. The six foreign banks were JPMorgan Chase, Citigroup, BNP Paribas, ABN Amro, HSBC Bank and Deutsche Bank.

Petrocan secured its new $3.57-billion credit facility in recent weeks. TD doubled the size of its commitment, the largest increase in exposure among lenders.

Foreign banks were reluctant to increase their exposure to Petro-Canada, and several declined to participate despite the company's strong financial prospects. [1] [[category: ]]