By Christine Van Dusen
Atlanta, April 29 - India's ONGC Videsh Ltd. - part of Oil and Natural Gas Corp. Ltd. - priced a two-tranche issue of $800 million notes due 2018 and 2023, a market source said.
The deal included $300 million of 2½% notes due 2018 that priced at 99.655 to yield 2.574%, or Treasuries plus 190 basis points. The notes were talked at a spread in the 190 bps area.
The second tranche was $500 million of 3¾% notes due 2023 that priced at 99.95 to yield 3.756%, or Treasuries plus 210 bps. The notes priced tighter than talk, which was set in the Treasuries plus 215 bps area.
Citigroup, Deutsche Bank and RBS were the bookrunners for the Regulation S-only deal.
Oil and Natural Gas is a multinational oil and gas company based in Dehradun, India.
| Issuer: | ONGC Videsh Ltd.
|
| Amount: | $800 million
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Deutsche Bank, RBS
|
| Trade date: | April 29
|
| Settlement date: | May 7
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | May 7, 2018
|
| Coupon: | 2½%
|
| Price: | 99.655
|
| Yield: | 2.574%
|
| Spread: | Treasuries plus 190 bps
|
| Price talk: | Treasuries plus 190 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 7, 2023
|
| Coupon: | 3¾%
|
| Price: | 99.95
|
| Yield: | 3.756%
|
| Spread: | Treasuries plus 210 bps
|
| Price talk: | Treasuries plus 215 bps area
|
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