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Ongc Videsh Raises $2.2b To Refinance Rovuma Area 1 Acquisitions

Jul 28
12:07 2014

ONGC Videsh Ltd., the wholly owned subsidiary of Oil and Natural Gas Corp. Ltd., has priced $1.5 billion and €525 million unsecured bonds in the international capital markets. These bonds are guaranteed by ONGC. The Reg S bonds will be issued in dual currency with two tranches of $750 million each for 5-year and 10-year tenors respectively and one tranche of €525 million for 7-year tenor. The bonds are rated Baa2 by Moody’s and BBB- by S&P.

The transaction is the largest ever Reg S bond deal from India to date. It was also the maiden offering by ONGC Videsh in the euro bond markets. The offering was oversubscribed approximately 4.5 times in US dollars and 3.6 times in euros.

BNP Paribas, Citigroup, DB, RBS, and Standard Chartered acted as joint bookrunners and lead managers for this Issue.

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