Bloomberg News

Refiner Indian Oil Said to Plan $250 Million, Five-Year Loan

November 25, 2011

Nov. 25 (Bloomberg) -- Indian Oil Corp., the nation’s largest refiner, plans to borrow $250 million for five years, according to a person with direct knowledge of the matter.

The loan has been arranged by Mizuho Financial Group Inc., State Bank of India and Sumitomo Mitsui Financial Group Inc., the person said, asking not to be identified, as details of the transaction are private.

The banks will start the syndication in 10 days, the person said. State Bank and Sumitomo have underwritten $100 million each, and Mizuho $50 million, the person said.

--Editor: Arijit Ghosh

To contact the reporter on this story: Anurag Joshi in Mumbai at ajoshi53@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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