The maturity of this loan is 2.75 years and the proceeds shall be utilised by the corporation to finance import of crude oil and petroleum products, the release said.
IOC had sought syndicated loans of $150 million in January 2004, which received over-whelming response from the investors and the loan facility was closed with an over-subscription. The green-shoe option was fully exercised by IOC and the facility was increased to $200 million.
Repayment of the loan, raised at 0.54 per cent per annum over 1, 3 or 6 months dollar Libor, will be done in one payment at the maturity (2.75 years).
Twenty three financial institutions joined the three lead arrangers, with the syndicate comprising of various major American, European, Asian as well as local Indian financial institutions (IFIs).
The mandated lead arrangers (Citigroup, Credit Lyonnais and Standard Chartered) believe the diverse supporting bank group to this facility demonstrates the banking communitys continued confidence in the IOC, as well as on the critical role played by the IOC in the republic of India, a joint press release of the lead arrangers said.
Citigroup, Credit Lyonnais and Standard Chartered bank have provided IOC $10 million each. Besides, Araba Petroleum Investment Corp, Bank of India, Bank of Tokyo-Mitsubishi, BNP Paribas, Mizuho Corporate Bank, National Bank of Abu Dhabi, UFJ Bank Ltd and KBC Bank NV have also loaned $10 million each.
DZ Bank AG has loaned $9 million while Bank of Taiwan, E-sun Commercial Bank Ltd, Land Bank of Taiwan and National Bank of Dubai have sanctioned $8 million each.
Catay United Bank, Chiao Tung Bank, China Trust Commercial Bank, the Export-Import Bank of China, Hua Nan Commercial Bank, Mascareignes International Bank and Taiwan Cooperative Bank have loaned IOC $5 million each. The remaining $6 million was shared equally by Central Trust of China and United Taiwan Bank, the release said.