By Christine Van Dusen
Atlanta, July 25 – ONGC Videsh Vankorneft Pte. Ltd. – a wholly owned subsidiary of Oil and Natural Gas Corp. Ltd. – priced $1 billion of notes in tranches due in 2022 and 2026 (Baa2), according to a company announcement.
The $400 million notes due in 2022 priced at par to yield 2 7/8%, or Treasuries plus 175 basis points.
The $600 million 3¾% notes due in 2026 priced at 99.81 to yield 3.773%, or Treasuries plus 220 bps.
Citigroup and Standard Chartered Bank were the joint global coordinators and – along with DBS Bank, Mizuho Securities, MUFG and SMBC Nikko – the joint bookrunners and joint lead managers for the Regulation S deal.
The proceeds will be used to refinance part of a bridge loan.
ONGC is based in Dehradun, India.
| Issuer: | ONGC Videsh Vankorneft Pte. Ltd.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, Standard Chartered Bank, DBS Bank, Mizuho Securities, MUFG, SMBC Nikko
|
| Trade date: | July 21
|
| Rating: | Moody's: Baa2
|
| Distribution: | Regulation S
|
|
|
| 2022 notes
|
| Amount: | $400 million
|
| Maturity: | 2022
|
| Coupon: | 2 7/8%
|
| Price: | Par
|
| Yield: | 2 7/8%
|
| Spread: | Treasuries plus 175 bps
|
|
|
| 2026
|
| Amount: | $600 million
|
| Maturity: | 2026
|
| Coupon: | 3¾%
|
| Price: | 99.81
|
| Yield: | 3.773%
|
| Spread: | Treasuries plus 220 bps
|
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