By Christine Van Dusen
Atlanta, July 7 – India’s ONGC Videsh Ltd. – a subsidiary of Oil and Natural Gas Corp. Ltd. – priced $1.5 billion notes due 2019 and 2024 and €525 million notes due 2021 (expected ratings: Baa2/BBB-/) on Monday, a market source said.
The deal included $750 million 3¼% five-year notes at 99.598 to yield 3.338%, or Treasuries plus 160 basis points. The notes were talked at a spread of Treasuries plus 160 bps to 165 bps.
The $750 million 4 5/8% 10-year notes priced at 99.454 to yield 4.694%, or Treasuries plus 207.5 bps. Talk was set at Treasuries plus 207.5 bps to 212.5 bps.
The €525 million 2¾% seven-year notes priced at 99.623 to yield 2.81%, or mid-swaps plus 180 bps. The notes were talked at mid-swaps plus 180 bps to 185 bps.
BNP Paribas, Citigroup, Deutsche Bank, RBS and Standard Chartered Bank were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance loans.
ONGC is based in Dehradun, India.
| Issuer: | ONGC Videsh Ltd.
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, Deutsche Bank, RBS, Standard Chartered Bank
|
| Trade date: | July 7
|
| Settlement date: | July 15
|
| Expected ratings: Moody’s: Baa2
|
| Standard & Poor’s: BBB-
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | July 15, 2019
|
| Coupon: | 3¼%
|
| Price: | 99.598
|
| Yield: | 3.338%
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 160 bps to 165 bps
|
|
|
| Seven-year notes
|
| Amount: | €525 million
|
| Maturity: | July 15, 2021
|
| Coupon: | 2¾%
|
| Price: | 99.623
|
| Yield: | 2.81%
|
| Spread: | Mid-swaps plus 180 bps
|
| Price talk: | Mid-swaps plus 180 bps to 185 bps
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | July 15, 2024
|
| Coupon: | 4 5/8%
|
| Price: | 99.454
|
| Yield: | 4.694%
|
| Spread: | Treasuries plus 207.5 bps
|
| Price talk: | Treasures plus 207.5 bps to 212.5 bps
|
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