Oil India announces roadshow for senior unsecured notes

By Colin Hanner

Chicago, April 3 – Oil India Ltd. announced a roadshow for a dollar-denominated offering of notes to begin later this week, a market source said.

On Monday morning Fitch Ratings assigned Oil India’s proposed notes an expected BBB- rating.

Oil India will unconditionally and irrevocably guarantee, on a senior basis, up to 110% of the principal amount of the proposed notes, Fitch noted.

Proceeds from the notes are intended to refinance debt raised for acquiring Russian assets, which Oil India holds a stake in through Oil India International Pte. Ltd.

Oil India is public sector hydrocarbon exploration and production company based in India.

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