Oil India to raise $1 billion to refinance existing bridge loans

Oil India Ltd has priced the issue of $500 million fixed rate unsecured notes due 2019 and $500 million fixed rate unsecured notes due 2024. The 2019 notes carry a coupon of 3.875% per annum payable semi-annually and are of 5 years tenor. The 2024 notes carry a coupon of 5.375% per annum payable semi-annually and are of 10 years tenor.

The notes represent unsecured obligations of the company and will rank pari passu with all its other exisiting and future unsubordinated obligations. The notes will be listed on the Singapore Stock Exchange Securities Trading Limited. The notes will not be offered or sold in India or in the United States of America.

The net proceeds will be used for refinancing existing bridge loans.

Standard Chartered Bank, The Royal Bank of Scotland plc, Citigroup Global Markets Limited, Deutsche Bank AG, Singapore Branch and The Hongkong and Shanghai Banking Corporation Limited are the joint lead managers.

Shares of OIL INDIA LTD. was last trading in BSE at Rs.483.45 as compared to the previous close of Rs. 484.85. The total number of shares traded during the day was 9847 in over 1231 trades.

The stock hit an intraday high of Rs. 553.9 and intraday low of 476.2. The net turnover during the day was Rs. 4742906.

Source : Equity Bulls

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