OVL inks agreements to raise $2.5 bn

ONGC Videsh Limited (OVL), the overseas arm of Oil and Natural Gas Corporation Limited (ONGC), has signed separate agreements with two consortiums of international banks to raise $ 2.5 billion by way of offshore borrowings. This has been done to finance its acquisition of 10 per cent participating interest in Rovuma Area I Block in Mozambique offshore, the company said in a statement. The first facility for a five year term amounting to $1.775 billion was signed with consortium of international banks, including ANZ, Bank of Nova Scotia, BTMU, DBS, Mizuho, RBS, Societe Generale, SBI and SMBC. SMBC took the leadership role in this facility with commitment of $ 700 million and acting as Facility and Escrow Agent.

This is the single largest offshore 5-year loan facility arranged by an Indian company during the last three years. The second facility is in the nature of a bridge finance of $ 725 million for a one year term with consortium of international banks including ANZ, BNP Paribas, BTMU, Citi, DBS, RBS and SBI. In this facility, Citi took the leadership with Facility and Escrow Agency roles.

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