Indian Oil talks $500 million five-year note offering to yield mid-swaps plus 220-240 bps

By Paul A. Harris

St. Louis, Jan. 13 - Indian Oil Corp. Ltd. set price talk for its expected $500 million maximum offering of five-year notes at mid-swaps plus 220 basis points to 240 bps on Wednesday, according to a market source.

The roadshow for the Regulation S-only deal was scheduled to conclude Wednesday in London.

Deutsche Bank, HSBC and Standard Chartered Bank are leading the offering.

Proceeds will be used to help fund capital expenditures.

Moody's Investors Service assigns its Baa3 corporate credit rating to the New Delhi-based diversified energy company. Fitch Ratings assigns its BBB- corporate credit rating to Indian Oil.

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