ONGC’s overseas arm, ONGC Videsh’s $800-million dual-tranche bond issue was oversubscribed. The bonds, which were guaranteed by the parent, were oversubscribed with an order book aggregating close to $3 billion from ‘high quality’ investor accounts.
OVL floated the bond in two tranches, i.e., $300 million in 5-year tenor and $500 million in 10-year tenor. While, $500 million of 10-year notes were issued at 210 basis points over US Treasuries, $300 million of 5-year debt were issued at a premium of 190 basis points.
The company plans to utilize these funds to replace bridge financing obtained for acquisition of participating interests in upstream and midstream oil and gas assets in Azerbaijan, which was completed in March.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 470.10 |
| Jindal Drilling&Inds | 540.15 |
| Deep Industries | 476.90 |
| Asian Energy Service | 306.05 |
| View more.. | |
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