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Indian Oil (IOC) is set to fund part of its capex requirements by raising $250m from the international market with a green shoe option of $50m. Thhe oil firm had signed agreements in last August for raising $200m for refinancing the existing syndicated term loan facility for oil imports. "IOC mandated BNP Paribas,Calyon Bank CitiGroup ,ING Bank NV, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation to arrange the syndicated term loan facility,"SV Narasimhan ,director,finance,IOC,said.The term loan was launched on November 21 and will be completed by mid-December 05, he added. The state-run company had raised RS1,225 crore in September and Rs 1,000 crore in May this year from the domestic market through the issue of secured redeemable non-convertible bonds. These bonds offered twin options to investors. The first is a maturity period of five years with a put and call option at the end of each year and with a floating interest rate to be reset semi-annually. The other option for investors was to apply in a 10-year maturity paper with a fixed coupon rate. The indicative interest rate band under the first option was0-15 basis points over the one-year gilt yeild, and 7.3-7.6%under the second option.
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| Posted : 11/23/2005 |
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