NEW YORK CITY — BP is planning to sell $2 billion to $3 billion in new bonds for the first time in more than a year.
The move takes advantage of low interest rates and adds a fresh infusion of cash before incoming CEO Robert Dudley takes over on Oct. 1. Dudley is replacing Tony Hayward, who announced his departure in the wake of BP’s massive oil spill in the Gulf of Mexico.
BP PLC spokesman Robert Wine said the sale is part of “routine management” of the company’s finances and not related to its handling of the Gulf spill. BP has said it will sell $30 billion in assets to cover the projected $32.2 billion cost of the spill.
The last time BP issued bonds was a $2 billion sale in August 2009.