You are here: Home » News-ANI » Business
Business Standard

ONGC issues $300 million notes maturing in Dec 2029

ANI 

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 28 2019. 17:27 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU