India
J. Sagar Associates and Allen & Overy had the lead roles on a $2.2 billion bond sale by Indian oil and gas company ONGC Videsh Ltd. The company, a subsidiary of Indian state-run energy company Oil and Natural Gas Corp. Ltd., sold two tranches of dollar-denominated bonds worth $1.5 billion and a single tranche of euro-denominated bonds totaling $710 million. It was the first-ever euro bond issue for ONGC Videsh. ONGC Videsh plans to use the money to refinance a bridge loan the company took out to fund its multibillion-dollar purchase of a stake in a Mozambique offshore natural gas block. J. Sagar Mumbai partners Dina Wadia and Uttara Kolhatkar served as Indian counsel to ONGC Videsh. Allen & Overy Hong Kong partners Andrew Harrow and Amit Singh advised joint lead managers and bookrunners BNP Paribas, Citigroup, Deutsche Bank AG, Royal Bank of Scotland and Standard Chartered Bank. [Read full story]
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