LONDON - The $45-billion loan backing BHP Billiton's $39-billion bid for Potash Corp signed on Friday, the bookrunners said in a statement.

Syndication to BHP's relationship banks closed oversubscribed and all banks have a final hold level of $1,8-billion.

The five underwriters -- Banco Santander, Barclays Capital, BNP Paribas, JP Morgan and Royal Bank of Scotland -- had stumped up $8,4 billion each, while TD Securities made a $3 billion take-and-hold commitment.

Banks approached in syndication were asked to commit $2,5 billion, and the oversubscription was used to bring down all the lenders commitment levels.

The loan comprises a $25 billion, 364-day bridge loan to bond issue; a $10 billion, three-year term loan; a $5 billion three-year revolving credit facility; and a $5 billion, four-year revolving credit facility.

The 364-day facility includes a one-year extension option.

Joining the facilities as mandated lead arrangers and bookrunners were ANZ Banking Group; Banco Bilbao Vizcaya Argentaria; Bank of Tokyo-Mitsubishi UFJ; Canadian Imperial Bank of Commerce; Commonwealth Bank of Australia; Credit Agricole CIB; ING Bank; Intesa Sanpaolo; Lloyds TSB Bank; Mediobanca; Mizuho Corporate Bank; National Australia Bank; Scotia Capital; Societe Generale; Standard Chartered Bank; Sumitomo Mitsui Banking Corporation; UBS Investment Bank; UniCredit Bank; and Westpac Institutional Bank.

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