India’s Videsh talks dollar, euro notes due in five, seven, 10 years; pricing Monday

By Christine Van Dusen

Atlanta, July 7 – India’s ONGC Videsh Ltd. – a subsidiary of Oil and Natural Gas Corp. Ltd. – set talk for a three-tranche offering of dollar- and euro-denominated notes due in five, seven and 10 years (expected ratings: Baa2/BBB-/), a market source said.

The deal is expected to price on Monday.

The dollar-denominated and benchmark-sized five-year notes were talked at a spread of Treasuries plus 160 basis points to 165 bps.

The dollar benchmark notes due in 10 years were talked at Treasuries plus 207.5 bps to 212.5 bps.

The euro-denominated and benchmark notes due in seven years were talked at mid-swaps plus 180 bps to 185 bps.

BNP Paribas, Citigroup, Deutsche Bank, RBS and Standard Chartered Bank are the bookrunners for the Regulation S deal.

The proceeds will be used to refinance loans.

ONGC is based in Dehradun, India.

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