New Delhi: Oil and Natural Gas Corp plans to
raise a term loan of about Rs 4,000 crore to refinance the
debt its overseas investment arm had taken to buy UK-based
Imperial Energy Corp.
"We had taken a bridge loan of Rs 5,250 crore or USD 1
billion to fund Imperial acquisition. Now we are in the
process of refinancing it through term borrowing," ONGC
Director (Finance) Dinesh K Sarraf said today.
The company had garnered USD 200 million through foreign
currency loans and is now looking at raising USD 800 million
by issuing bonds and selling commercial papers.
"We will complete the refinancing before January 10," he
said.
ONGC Videsh Ltd, the overseas investment arm of the
state-run firm, had sold one-year commercial paper to about 15
investors on January 9, to partly fund the 1.4 billion pound
Imperial buy.
ONGC is now taking term loan to pay these lenders.
PTI
First Published: Friday, December 11, 2009, 23:55