IOC subsidiary returns for C$580m

Oil pipeline adobe
By Pan Yue
11 Dec 2019

Indian Oil Corp’s Canadian subsidiary, IndOil Montney, has returned to the loan market for a C$580m ($438m) five year deal. Unlike the last time, when it was primarily focusing on US and Canadian banks, the latest deal is targeting Asian liquidity.

Bank of Baroda, State Bank of India, Sumitomo Mitsui Banking Corp and Scotiabank are the mandated lead arrangers and bookrunners for the facility, according to a banker close to the situation.

The company has cut its pricing for the loan return, paying a margin of 89bp over Canadian ...

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