British oil major BP raises $12 billion in debt: FT By Reuters

British oil major BP raises $12 billion in debt: FT


© Reuters. FILE PHOTO: File photo of a BP logo at a petrol station in London

(Reuters) – British oil major BP (NYSE:) Plc raised $12 billion of debt with equity-like features, taking advantage of low interest rates to fortify its balance sheet, the Financial Times reported on Wednesday.

The report of the fundraising comes days after the company 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, betting the COVID-19 crisis would pressure energy demand and accelerate a shift away from fossil fuels.

BP did not immediately respond to a Reuters request for comment.

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