Rio Tinto has concluded a US$7.5bn revolving credit facility, the company confirms to GTR.

The new financing has been raised from 28 banks and will replace existing facilities. It is split between a US$1.875bn, three-year loan paying 30 basis points (bps) over Libor and a US$5.625bn, five-year loan paying 35 bps over Libor, international press reports.

The facility was co-ordinated by BTMU, Deutsche Bank and HSBC and replaces the existing US$6bn loan that was due to mature in November 2015, being first raised in 2010.

The original facility was a multi-currency revolving credit facility (including a US dollar-denominated same-day access swingline facility) and the funds were used for the general corporate purposes of the group, the company points out.

At December 31, 2012, the original credit facility was undrawn.

The Anglo-Australian miner also has US$2bn of bilateral committed bank facilities, which mature this month but are extendable by a further 364 days.