Business Standard

ONGC issues $300 million notes maturing in Dec 2029


Oil and Natural Gas Corporation (ONGC) said on Thursday it has issued 300 million dollar notes at a coupon of 3.375 per cent per annum payable semi-annually in arrears.
The notes are rated Baa1 from Moody's Investors Service and BBB minus from S & P Global Ratings. They will mature on December 5, 2029 unless redeemed earlier subject to the terms and conditions.
The principal and interest payments pertaining to the notes will be made in US dollars. The settlement date is expected to be December 5, 2019. The bond was priced at 99.253 per cent to provide a yield to maturity of 3.464 per cent per annum.
The notes represent direct, senior, unconditional and unsecured obligations of the company and will rank pari passu (on equal footing) among themselves and all other unsecured obligations of the company.
The notes will be listed on Singapore Stock Exchange and India International Exchange Ltd, ONGC said in a statement.
The proceeds from the sale of notes will be applied for the purpose of capital expenditure in accordance with the external commercial borrowing regulations besides other applicable regulations and guidelines of the Reserve Bank of India.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 28 2019 | 5:27 PM IST

Explore News