Sea Survival Training
- Why is Sea Survival Training critical?
- ONGC’s Sea Survival Centre: A National, and indeed, a Global asset
- Safety is paramount and valuable
- A Training for all!
- Other important training protocols
ओएनजीसी विदेशों में अंतरराष्ट्रीय बाजारों से 1 अरब अमेरिकी डालर का इजाफा हुआ
ONGC Videsh Vankorneft Pte. Ltd. (“OVVL” or the “Company”), an indirect wholly-owned subsidiary of ONGC Videsh Limited, which itself is a direct wholly owned subsidiary of Oil and Natural Gas Corporation Limited (“ONGC”) announced that it has priced on 19 July 2016 US$ 1 billion Notes comprising of US$ 400 million Senior Unsecured Notes due 2022 and US$ 600 million Senior Unsecured Notes due 2026 in the international capital markets (the “Notes”). The Notes are guaranteed by ONGC. The Notes have been assigned a rating of Baa2 (Moody’s) and BBB- (S&;P).
The transaction is the largest transaction size achieved by an Indian issuer in 2016 and the First Dual tranche issuance from India in 2016.The 5.5-yr and 10-yr Notes were 2.2 and 2.3 times over-subscribed respectively, across 185 accounts which participated in the landmark issuance.
ONGC and ONGC Videsh Limited conducted a series of investor meetings in key financial centres of Asia (Hong Kong & Singapore) and Europe (London) beginning 14th July 2016. The deal roadshows were successful with over 80 investor meetings across 3 days. 185 investors participated in the landmark issuance.
The 5.5-year Notes were priced at T+ 175 bps, bearing a fixed coupon of 2.875% per annum, equivalent to a price of 100.00 and a yield of 2.875% and the 10-year Notes were priced at T+220 bps, bearing a fixed coupon of 3.750% per annum, equivalent to a price of 99.81 and a yield of 3.773%. OVVL intends to use the Notes proceeds to refinance a part of the bridge loan availed for the acquisition of a 15% equity interest in JSC Vankorneft, Russia.
The Notes saw a large geographic spread with interested investors from Asia, Europe and Offshore USA accounts. The investors’ base are Fund Managers, Banks, Private Banks and Sovereign Wealth Funds / Insurance companies.
Citigroup and Standard Chartered Bank acted as Joint Global Coordinators and Citigroup, Standard Chartered Bank, DBS Bank Ltd, Mizuho Securities, MUFG and SMBC Nikko acted as Joint Book-runners and Joint Lead Managers for this issuance.
