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Indian Oil raises offer cap to $313.04 million to accept all tenders
By Marisa Wong
Los Angeles, April 13 – Indian Oil Corp. Ltd. announced the results of its April 4 cash tender offer for up to a maximum amount of its $900 million outstanding 4¾% notes due 2024 (ISIN: XS1936310371).
As of the expiration of the offer at 11 a.m. ET on April 12, holders had tendered $313,042,000, or 34.78%, of the outstanding notes.
The issuer has decided to increase the maximum purchase amount to $313,042,000 from $300 million, according to an announcement on Wednesday.
The company will pay a consideration of $1,022 per $1,000 principal amount, plus accrued interest. Settlement is expected to be on April 22.
Following settlement of the offer and subsequent cancellation of the repurchased notes, $586,958,000 of the notes will remain outstanding.
The company had said at the start of the offer that it intends to refinance the outstanding notes and is exploring several financing options to do so.
The purpose of the tender offer was, among other objectives, to optimize the company’s balance sheet structure, including realigning maturity obligations.
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 75 3474 9633, +44 20 736 0505) 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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