Indian Oil Corporation raises $300 million debt from US market
04 Jun 2007
Mumbai:
Public sector refiner Indian Oil Corp has raised
$300 million (about Rs1,200 crore) through a bonds issue
in the US, its first private placement in overseas markets.
The note purchase agreement for the issue was signed by IOC director (finance) SV Narasimhan in New York on May 31, a company press release said in New Delhi.
"The
bond was issued at a highly competitive fixed rate of
interest on an unsecured basis and had an average maturity
of approximately 10 years," it said, adding that
the proceeds would be used to fund capital expenditure
requirements for 2007-08.
Bank of America Securities LLC, USA, and Citigroup Global Capital Markets, USA, were the joint placement agents for the bond issue.
IOC launched its $200 million issue in April 2007 and increased the amount to $300 million after getting good response from investors in the US.
"Thirteen
investors, representing a broad cross-section of both
US as well as international financial institutions,
participated in the issue," it said.