Refinancing on agenda, Reliance raises dual currency loan of $3 billion
Reliance Industries (RIL), India's largest corporate by revenues, has raised $3 billion from 11 banks in what is the largest such deal by the company in almost two years.
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The five-year loan was priced at 120 basis points over the threemonth secured overnight financing rate (SOFR) last month. It includes $450 million denominated in Japanese yen as the oil-to-telecom conglomerate looks to shore up its funds ahead of repayments coming up this year, two people familiar with the deal said.
“The company has already drawn down about $700 million of the amount lent by these banks and plans to tap more as its requirements come up, mostly in the current quarter,” said a person aware of details.
RIL did not immediately reply to an email seeking comment.
The three-month SOFR rate was around 4.80% mid-December; at 120 basis points above the benchmark rate, the five-year loan was priced at around 6%. One basis point is 0.01 percentage point. ET could not ascertain the exact interest rate on the loan.
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