BP raises $12 bln in debt
The company locked in annual interest rates as low as 3.25% on some of its new euro notes
Stocks impacted: BP plc (BP)
World's seventh-largest oil and gas company announced that it has raised $12 billion in debt with equity-like features, taking advantage of low interest rates to fortify its balance sheet. BP locked in annual interest rates as low as 3.25% on some of its new euro notes. As a reminder, just a few days ago, BP decided to write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts. Now, it looks like the giant will really improve its credit profile due to sales of hybrid securities amid the recent issues in the industry and low oil prices amid the coronavirus pandemic. Also, BP announced plans to set up a major new center for its global business services operations in Pune in an effort to support digital innovation across the group globally and add to its growing business presence in India. The company’s stock declined over 1% in Europe on Thursday.
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