Hindustan Petroleum Corporation (HPCL) has raised up to $500 million with its first ever overseas bond sale. The company has sold a 10-year, fixed-rate, unsecured dollar bond with a 4 percent coupon payable semi-annually and a maturity date of July 2027.
The notes are rated Baa3 by Moody's and BBB- by Fitch. India's third biggest state-owned refiner will use the proceeds to fund capital expenditure.
HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.
