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Oil India will raise $1 billion by issuing $500-million fixed rate unsecured notes due 2019, and $500-million fixed rate unsecured notes due 2024.
The 2019 notes, having a five-year tenor, carry a coupon of 3.875 per cent per annum payable semi-annually and the 2024 notes, with a 10-year tenor, carry a coupon of 5.375 per cent per annum payable semi-annually.
The notes represent unsecured obligations of the company, and would rank pari passu with all its other existing and future unsubordinated obligations.
Last year, Indian corporates had raised more than $14 billion from the overseas bond market. Given the stability in the rupee and foreign investors flows in the market, many corporates had decided to tap the overseas market, said analysts.
While Indian Railway Finance Corporaiton had raised $500 million, Bharat Petroleum has raised Swiss Francs 175 million.
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