Chemical and pharmaceutical company, Bayer, is seeking to renew a credit line worth $4.7 billion, Bloomberg reports. The German company will renew the loan in the first quarter of 2011.

Bayer has not decided the size of the new facility which will replace its existing undrawn credit line due in 2012. In 2005, the company agreed to pay interest at 20 basis points over the euro interbank offered rate on money drawn under the revolving credit.

Click here for the story fromBloomberg.