BPCL begins roadshows for 5-year dollar notes

Book-runners, lead managers already mandated

Background of rows of US dollars bundles

MUMBAI: The State-run Bharat Petroleum Corporation Ltd (BPCL), India’s second largest refiner and fuel retailer, said it has mandated book-runners and lead managers to issue dollar-denominated notes.

A statement sent by BPCL to the stock markets said that Barclays Bank PLC, Citigroup Global Markets Singapore Pte Ltd, DBS Bank Ltd., MUFG Securities Asia Ltd, SBICAP (Singapore) Ltd, Standard Chartered Bank have been appointed as joint book-runners and lead managers in connection with the issue.

“The book-runners and lead managers will help arrange a series of fixed income investor meetings in Singapore, Hong Kong and London commencing January 14, 2019 in connection with the dollar-denominated 5-year senior unsecured notes offering under Regulation S,” said the statement.

BPCL is expected to raise funds through notes classified as a prescribed capital markets product, and a decision on the size and timing of the issue are expected to follow these meetings depending on the market conditions.

There were media reports that BPCL was expanding its refining and petrochemicals operations, and the proposed fundraise will help the company meet the capex requirements for its expansion plans. The report also confirmed that the issue size would be $500 million though the company was yet to open its mind on the timing and size of the issue.


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