India’s Oil and Natural Gas to price benchmark dollar-denominated notes in two parts Tuesday

By Paul A. Harris

Portland, Ore., July 19 – Oil and Natural Gas Corp. Ltd. plans to price a benchmark two-part offering of dollar-denominated notes (Baa2/BBB-) on Tuesday, according to a market source.

Orders came to $1.2 billion across both tranches at the New York open, a source said.

The Regulation S only deal is coming in fixed-rate tranches of 5.5-year notes with initial guidance in the Treasuries plus 195 basis points area and 10-year notes with initial guidance in the Treasuries plus 235 bps area.

Citigroup and Standard Chartered Bank are joint global coordinators and joint bookrunners. DBS Bank Ltd., Mizuho Securities, MUFG and SMBC Nikko are also joint bookrunners.

Standard Chartered will bill and deliver.

The issuing entity will be indirect 100% subsidiary ONGC Videsh Vankorneft Pte. Ltd.

The notes come with a change of control triggered if the government of India ceases to own, directly or indirectly, more than 50% of either Oil and Natural Gas or Videsh Vankorneft.

The multinational oil and gas company is based in Dehradun, India.

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