BP raises $12bn in wake of multibillion-dollar writedown

FINANCIAL TIMES đź”’| UK oil major BP raised $12bn of debt with equity-like features on Wednesday, taking advantage of hot corporate credit markets to fortify its balance sheet.

The deal marked the largest ever sale of so-called hybrid bonds, which place less of a strain on a company’s balance sheet because the principal never has to be repaid. The fundraising comes just days after BP said it would take a writedown of up to $17.5bn after cutting its forecasts of future energy prices.

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