By Paul A. Harris
St. Louis, Jan. 14 - Indian Oil Corp. Ltd. priced its $500 million issue of 4¾% five-year notes (Baa3/BBB-/) to yield mid-swaps plus 233 basis points on Thursday, according to a market source.
The spread came in line with price talk of mid-swaps plus 220 basis points to 240 bps.
Deutsche Bank, HSBC and Standard Chartered Bank managed the Regulation S-only offering.
Proceeds will be used to help fund capital expenditures.
The issuer is a New Delhi-based diversified energy company.
| Issuer: | Indian Oil Corp. Ltd.
|
| Amount: | $500 million
|
| Maturity: | Jan. 22, 2015
|
| Securities: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC, Standard Chartered Bank
|
| Coupon: | 4¾%
|
| Price: | 99.692
|
| Spread: | 233 bps over mid-swaps
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Regulation S only
|
| Price talk: | Mid-swaps plus 220 bps to 240 bps
|
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