/ HPCL Raises USD 500 Million In Foreign Markets Via Issue Of Bonds ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 11 July 2017

Hindustan Petroleum Corporation Limited Hindustan Petroleum Corporation Limited (HPCL), a state-owned company, through a maiden 10-year US dollar bonds issue, raised USD 500 million.

As stated by the company purpose of the fund is to manage capital expenses for current and upcoming domestic projects. The bond raised funds from investors in the Middle East, Europe and Asia, reported a news agency.

The 10-year benchmark has a semi-annual coupon of 4% per annum and a maturity date of 12 July 2027, it added. The bond offers investors a spread of 167.5 basis points over the US Treasury (UST) yield.

Moody's has rated the notes Baa3 and Fitch has rated them BBB-. The Notes will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The issue has been oversubscribed by 6 times. DBS Bank, MUFG, MUFG, Standard Chartered Bank and SBICAP were the as joint lead managers and joint book runners to the issue.

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