Oil refining & marketing giant Indian Oil Corp (IOC) has offered to repurchase up to $300mn of its $900mn outstanding 4.75% dollar bonds maturing in 2024, as per Bloomberg. IOC seeks to realign maturity obligations and optimize the balance sheet as part of the offer. The bonds will be repurchased at a fixed price of 102.2% of principal payable in cash on the settlement date of April 22, 2022. Here, the purchase price will be $1,000 and the additional interest will be of $22 per $1,000 in principal. Accrued interest will also be paid, but excluding the settlement date. The tender offer will expire on April 12.
Indian Oil’s dollar bonds were trading marginally higher, its 4.75% 2024 up over 0.1 points to 101.85 yielding 3.65%.