OVL raises USD 2.21 billion to finance Mozambique
deal
09/07/2014 13:51
ONGC Videsh, the overseas arm of state-run explorer Oil and Natural Gas Corp (ONGC), today said it has raised a record USD 2.21 billion by selling bonds to foreign investors, reported PTI. Proceeds of the bond sale, the biggest ever from Asia, will be used to repay short-term bridge loan that OVL had taken to finance acquisition of 16 per cent stake in a giant gas field off Mozambique, as per the media reports. The company said it raised USD 750 million by selling bonds of 5-year tenure and another USD 750 million by selling 10-year bonds. It raised an additional 525 million euro (about USD 712 million) in 7-year bonds, reported media. "These Bonds are guaranteed by ONGC," the company said in a statement. "The Reg S Bonds will be issued in dual currency with two tranches of USD 750 million each for 5-year and 10-year tenors, respectively and one tranche of Euro 525 million for 7 year tenor."
09/07/2014 13:51
ONGC Videsh, the overseas arm of state-run explorer Oil and Natural Gas Corp (ONGC), today said it has raised a record USD 2.21 billion by selling bonds to foreign investors, reported PTI. Proceeds of the bond sale, the biggest ever from Asia, will be used to repay short-term bridge loan that OVL had taken to finance acquisition of 16 per cent stake in a giant gas field off Mozambique, as per the media reports. The company said it raised USD 750 million by selling bonds of 5-year tenure and another USD 750 million by selling 10-year bonds. It raised an additional 525 million euro (about USD 712 million) in 7-year bonds, reported media. "These Bonds are guaranteed by ONGC," the company said in a statement. "The Reg S Bonds will be issued in dual currency with two tranches of USD 750 million each for 5-year and 10-year tenors, respectively and one tranche of Euro 525 million for 7 year tenor."
