billion to fund Mozambique gas stake buy

5 billion to fund Mozambique gas stake buy<br /><br />SPOTLIGHTRevolutionary TechMahindra electric two wheeler GenZe for USThe Mahindra Group unveiled its first ever electric two wheeler, GenZe, in Ann Arbor, Michigan. 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But, if the NDA manages to get 300 315 seats, the markets will go up some more.<br /><br />Monster rally on the cards post elections! How to trade market ahead of the election results?Brand WarsWhy HUL, Cremica are launching premium offerings?Their imported gourmet offerings sold in the uber chic retail environment are providing the perfect backdrop for the category growth.<br /><br />The first facility for a five year term amounting to $1.775 billion was signed with consortium of reputed international banks, including ANZ, Bank of Nova Scotia, BTMU, DBS, Mizuho, RBS, Societe Generale, SBI and SMBC, making it the single largest offshore 5 year loan facility arranged by an Indian company during the last three years.<br /><br />The company had initially planned to raise $1 billion through this long term facility but opted to upsize the same in view of overwhelming response from the banks, said a ONGC statement on Wednesday. SMBC took the leadership role in this facility with commitment of $700 million and acting as facility and escrow agent.<br /><br />The second facility is in the nature of a bridge finance of $725 million for a one year term with consortium of reputed 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.<br /><br />In April, 2013, the company had made its inaugural offshore dollar bond offering of dual tranche Reg S notes in international markets aggregating $ 800 million to finance its acquisition of participating interest in ACG field in Azerbaijan and the associated cross country BTC pipeline. The 5 year tranche of $ 300 million was priced at T+ 190 basis points bps and the 10 year tranche of $ 500 million was priced at T+210 bps.<br /><br />The yields of these tranches were 2.574% and 3.756% respectively. The notes were issued at the lowest ever coupon achieved by an Indian issuer in the 5 year and 10 year tenor in the US dollar bond market. This was also the largest ever Reg S only transaction by an Indian issuer in the US dollar bond market.<br /><br />In January 2014, the company had raised $1.5 billion 1 year bridge loan facility from a consortium of 9 banks to finance the acquisition of participating interest of 6% in the Rovuma Area I Block in Mozambique offshore from Videocon.<br /><br />We are extremely pleased with the strong enthusiasm shown by top global banks at extremely fine pricing leading to market defining transactions. In the backdrop of a volatile global economic environment, such interest is reflective of ONGCs robust credit profile and underlines the strong India story, said Sudhir Vasudeva, CMD, ONGC and chairman, OVL.<br /><br />With these three offshore loan facilities and the bond transaction, OVL has raised $4.8 billion from the international market in the current financial year.