Adds expected issue size, use of proceeds
HONG KONG, Nov 20 (IFR) - Oil and Natural Gas Corp, rated Baa1/BBB– (Moody’s/S&P), has hired banks for a proposed benchmark-sized US dollar Reg S senior unsecured notes offering with a tenor of up to 10 years under its euro MTN programme.
Citigroup, DBS Bank, MUFG, SBI Capital Markets and Standard Chartered Bank are joint lead managers and joint bookrunners.
The Indian oil company will hold fixed income investor meetings and conference calls in Asia and Europe, starting tomorrow.
The issue size is expected to be up to US$750m and the proceeds will be used for capital expenditure, refinancing, working capital and general corporate purposes, according to S&P.
S&P assigned a BBB– issue rating to the proposed notes.
(Reporting by Carol Chan; Editing by David Holland)
((C.Chan@thomsonreuters.com; +852 2912 6604;))