Allen & Overy has advised Citigroup, DBS Ltd., MUFG, SBICAP and Standard Chartered Bank as joint lead managers in connection with the debut Regulation S  offering of senior unsecured notes due 2027 by Hindustan Petroleum Corporation Limited (HPCL). The dollar-denominated 10-year 4.00% bond raised USD500  million for the Indian issuer.

HPCL is majority owned by the Government of India and a Fortune 500 company that primarily operates in the downstream petroleum industry within India and is engaged in the refining, distribution and marketing of petroleum products. HPCL owns and operates the largest lube refinery in India has the second largest network of product pipelines in India.

Commenting on the transaction, Allen & Overy partner Amit Singh said: “We are pleased to have advised the joint lead managers on this landmark bond offering. HPCL is one of many Indian companies looking to tap into the strong demand from international institutional investors for Indian bonds. We have acted on the bond offerings by all of the state owned Indian oil and gas companies, namely those by ONGC Videsh, Indian Oil Corporation, Oil India Limited, Bharat Petroleum Corporation Limited and now Hindustan Petroleum Corporation Limited.”

The Allen & Overy Hong Kong team was led by partner Amit Singh, with support from lawyers David Cameron, Debolina Saha and Grace Yumul.