HPCL-Mittal Energyraises $300 million via offshore bond sale

HPCL-Mittal Energy (HMEL), a joint venture (JV) between Hindustan Petroleum Corporation Limited and Mittal Energy Investment, Singapore, has raised $300 million by selling bonds to offshore investors. The company plans to use the proceeds to refinance its high-cost debt, a move that should cut its borrowing costs. The bonds yielded 5.45 per cent at the close of the subscription amid high investor demand. It initially planned to offer 5.75 per cent with the same seven-year maturity. HSBC, JP Morgan and Barclays are some of the investment banks that helped the company raise the funds.