ONGC is funding an acquisition in Azerbaijan
India’s national oil company Oil and Natural Gas Corp ONGC issued a rare $800 million dual-tranche bond on Monday night. The proceeds will be used to refinance a bridge loan taken for its acquisition of a stake in energy assets in Azerbaijan from New York-based Hess.
ONGC is 69%-owned by the Indian government and a rare name in debt markets. According to Dealogic, it has not issued a dollar bond since 1995.