BPCL raises Rs 1,240 crore from overseas bond sale

State-run oil marketer Bharat Petroleum today said it has raised 175 million Swiss francs (around Rs 1,240 crore) through an international bond sale at a coupon of 2.988 per cent.
"We raised 175 million Swiss francs (around Rs 1,240 crore) through an overseas bond sale programme today at a competitive coupon of 2.988 per cent, which is 235 basis points above the Swiss mid-swap rate, in a 5.75-year money," a BPCL spokesman told PTI here.
The RegS issue has been raised to meet working capital requirement of the company, he said.
Lead bankers to the issue were BNP Paribas, Deutsche Bank, RBS, and UBS, he said, adding this is the first Swiss franc issue by an Indian corporate since February 2012.

International rating agency Fitch has assigned BBB-/ stable rating to the issue.
The notes are rated at the same level as BPCL's issuer default rating of 'BBB-' as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, Fitch said in a statement from Singapore.