British oil major BP 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 BP decided to write off up to $17.5 billion from the value of its assets, betting the COVID-19 crisis would pressure energy demand and accelerate a shift away from fossil fuels.
The oil company raised $5 billion, 4.75 billion euros ($5.34 billion) and 1.25 billion pounds, the FT said, adding that BP locked in annual interest rates as low as 3.25% on some of its new euro notes.
