Country's second largest state-run refiner, BPCL plans to raise $500 million via a bond issue. This fund raising plan is expected to happen within three days. Further, Citibank, HSBC and RBS are the book runners to the deal.
Meanwhile, international rating agency, Moody’s Investors Service has assigned a ‘Baa3’ issuer rating to Bharat Petroleum Corporation (BPCL). The rating agency has also assigned a provisional (P) Baa3 senior unsecured foreign currency debt rating to the proposed USD notes to be issued by the company.
This is the first time that Moody’s has assigned a rating to BPCL. Further, the rating agency would assign a definitive rating to the bond upon the closing of the proposed bond issuance and a review of the final terms.
