From rarity to frequent issuer: ONGC Videsh seeks new $1bn
ONGC Videsh is making its third foray into the offshore dollar market this year, issuing a request for proposals for a $1bn fundraising, just two months after picking banks to finance a $1.5bn bridge, writes Rashmi Kumar. Despite the speed of its comeback, bankers reckon the rarity value of the borrower’s name will hold the company in good stead.
The Indian state-owned company, which is the international arm of Oil and Natural Gas Corp, sent out the RFP on November 20, according to bankers who have received the invitation. The borrower is seeking a five year bullet loan, which comes with a guarantee from the parent.
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