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ONGC Videsh, the overseas arm of the Oil and Natural Gas Corporation, has raised a $500 million foreign currency loan from a consortium of banks led by DBS, Bank of Baroda and State Bank of India. The loan, which is denominated in dollars and has a tenure of five years, is backed by ONGC's guarantee and is benchmarked to the three-month term secured overnight financing rate (SOFR). The loan came at a very competitive rate, said one of the people familiar with the matter, who did not wish to be identified. ONGC Videsh has drawn down the loan and used the funds to repay $500 million in bonds that matured last week. The company had raised $800 million in bonds in 2013 to finance its stake in the ACG oil and gas project in Azerbaijan. The bonds had a maturity of five years and $300 million of them matured in 2018. The remaining $500 million matured last week. DBS has the largest exposure among the three banks in the consortium. The lenders are now looking to expand the consortium and have launched a primary syndication of the loan. The syndication is expected to close by July. Roadshows have been held in Singapore, Tokyo and Taipei to attract new lenders. ONGC Videsh is one of a small number of Indian companies that have raised external commercial borrowings (ECBs) in recent months. Indian borrowers are becoming more attractive to overseas lenders as the Chinese economy slows down and banks have fewer opportunities to lend there. Also Read AICTSL to modernise bus stops, introduce electric buses Chennai Metro scraps plans to build 9 stations