Bharat Petroleum Corporation (BPCL) has launched 10-year Reg S-only US dollar bonds with the size capped at $500 million. The senior unsecured bonds, expected to be rated Baa3/BBB- (Moody's/Fitch), on par with the issuer, will be issued off its $2-billion MTN programme.
There is a change-of-control put if the Government of India ceases to hold a majority stake in the company. It currently owns 54.9% of the shares. Citigroup, Deutsche Bank, HSBC and Standard Chartered are joint book-runners for the offering.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
