July 9, 2017 / 6:16 PM / a month ago

HPCL taps offshore dollar bond market for first time, raises $500 mln

MUMBAI (Reuters) - Hindustan Petroleum Corp Ltd has raised up to $500 million with its first ever overseas bond sale, the company said in a statement late on Sunday.

The company 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 statement said.

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.

Reporting by Promit Mukherjee; Editing by Catherine Evans

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