Journal said yesterday.

Agents for Government were Rothschild Inc. and N.M. Rothschild & Sons Ltd.

Finance Minister the Hon. David Saul said the line of credit would be used to pay off a previous $40-million loan and "to prepare us for additional expenses'' on Education restructuring and other matters.

Dr. Saul said he would make a statement about the borrowing in the House of Assembly on Friday.

While the interest was above six percent, Dr. Saul said it was "an excellent deal'' for Bermuda.

Bermuda received an AA1 rating from Moody's, he said.