OVL raises USD 2.2 billion from bond sales

OVL raises USD 2.2 billion from bond sales

ONGC Videsh, a unit of ONGC, has priced US$ 1.5 billion and Euro 525 million unsecured bonds in the international capital markets (bonds).

These bonds are guaranteed by ONGC. The Reg S bonds will be issued in dual currency with two tranches of US$ 750 million each for 5-year and 10-year tenors respectively, and one tranche of Euro 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 USD and 3.6 times in Euro.

ONGC Videsh intends to use the bond proceeds to refinance its bridge loans availed for the recently concluded acquisitions of 16% stake in Rovuma Area 1, Offshore Mozambique.

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

Press Release, July 9, 2014; Image: ONGC

Share this article

Follow LNG World News

5 thoughts on “OVL raises USD 2.2 billion from bond sales”

  1. Pingback: eddie
  2. Pingback: Travis
  3. Pingback: luis
  4. Pingback: edwin
  5. Pingback: Jack

Comments are closed.

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Nov 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >