Indian Oil launches tender offer for up to $300 million 4¾% notes

By Mary-Katherine Stinson

Lexington, Ky., April 4 – Indian Oil Corp. Ltd. launched a cash tender offer for up to $300 million of its $900 million outstanding 4¾% notes due 2024 (ISIN: XS1936310371), according to a notice Monday.

The purchase price will be at par of $1,000 plus an additional interest amount of $22 per note.

Accrued interest to but excluding the settlement date will also be paid.

The offer will expire at 11 a.m. ET on April 12.

The company stated it will announce the results as soon as practicable after the expiration date.

Settlement will be on or about April 22.

Notes tendered over the maximum purchase amount will be subject to proration.

The purpose of the tender offer is, among other objectives, to optimize the company’s balance sheet structure, including the re-alignment of maturity obligations.

The company also stated it intends to refinance the outstanding notes and is exploring several financing options to do so.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114, indianoil@is.kroll.com, https://deals.is.kroll.com/indianoil) is the tender and information agent.

Citigroup Global Markets Ltd. (+44 20 7986 9000, liabilitymanagement.asia@citi.com), DBS Bank Ltd. (liabilitymanagement@dbs.com), Standard Chartered Bank (+65 6557 8286, +852 3983 8658, liability_management@sc.com) and State Bank of India, London Branch (+44 7534749633, +44 207360505) are the joint dealer managers for the deal.

Based in New Delhi, the oil and gas company is 54% owned by the government.

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