Oil & Natural Gas Corpn issues USD 300 mn Notes under MTN programme

Oil & Natural Gas Corpn has issued US$300 Million notes at a coupon of 3.375 per cent per annum payable semi-annually in arrears (Notes) on 27 November, 2019 under the US$2,000,000,000 Medium Term Note Programme established by the company and ONGC Videsh.

The Notes are rated Baa1 from Moody's Investors Service and BBB- from S&P Global Ratings.

The Notes will mature on 5 December 2029, unless redeemed earlier subject to the terms and conditions of the Notes. The principal and interest payments pertaining to the Notes will be made in US Dollars. The settlement date for the Notes is expected to be 5 December 2019. The bond was priced at 99.253% to provide a yield to maturity of 3.464 per cent per annum.

The proceeds from the sale of the Notes will be applied for the purpose of capital expenditure, in accordance with the external commercial borrowing regulations and other applicable regulations, guidelines of the Reserve Bank of India.

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