BPCL unit to raise up to $600 mn long term funds

BPCL unit to raise up to $600 mn long term funds

BISPL, an indirect subsidiary of BPCL, plans to raise $600 million long term funds from the international debt capital market, said BPCL. The issue will be under the existing $2 billion euro medium term note programme. The proceeds will be used for partial repayment of bridge loans taken by BISPL to finance acquisition of stakes in two Russian companies. Bharat Petroleum Corporation says notes are of 10 year tenor and carry coupon rate of 4.375 per cent per annum. The notes will be listed on the Singapore stock exchange.

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