IndianOil raises $200 M to finance crude imports

Thursday, 26 February 2004, 08:00 Hrs
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NEW DELHI: The state-run petroleum marketing company Indian Oil Corp Ltd. (IndianOil) has raised a $200 million syndicated term loan to finance import of crude oil and petroleum products.

Arranged by Citigroup, Credit Lyonnais and Standard Chartered Bank at highly competitive rates, "the loan and the proceeds shall be utilised by the corporation to finance import of crude oil and petroleum products", the company said Wednesday.

The agreement for the loan, of two years and nine months maturity, was signed Wednesday in Singapore by IndianOil director finance P. Sugavanam.

IndianOil had launched the syndicated loan facility of $150 million in January. It received overwhelming response from investors and closed with an over-subscription.

The green-shoe option was fully exercised by IndianOil and the facility was increased to $200 million.

Twenty-three US, European and Asian - including Indian - financial institutions joined the arrangers.

Source: IANS
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