Oil India is all set to mop-up $1 billion by issuing $500-million fixed rate unsecured notes due 2019, and $500-million fixed rate unsecured notes due 2024. The 2019 notes, having a five-year tenor, carry a coupon of 3.875 per cent per annum payable semi-annually, while the 2024 notes, with a 10-year tenor, carry a coupon of 5.375 per cent per annum payable semi-annually.
The notes represent unsecured obligations of the company, and would rank pari passu with all its other existing and future unsubordinated obligations.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production.
