BP Faces Extra $500M in Interest Costs

BP (BP) would face an extra $500 million a year in interest costs to raise $10 billion in the bond market as it seeks to ensure it has enough cash to cope with the biggest oil spill in U.S. history.The average yield on BP’s bonds has surged to 539 basis points, or 5.39 percentage points, more than benchmark rates, from 41 basis points before the Gulf of Mexico oil rig explosion on April 20, according to Bank of America Merrill Lynch index data – Bloomberg