The Mukesh Ambani-led Reliance Industries Ltd (RIL) has raised $4 billion as part of its mammoth dollar-denominated bond sale, joining a narrow group of Asian issuers that have issued jumbo bonds.
Interest on the Notes will be paid semi-annually in arrears, and the Notes will rank pari passu with RIL’s other unsecured and unsubordinated liabilities, according to the business. The profits from the bond will mostly be used to refinance current debt. RIL said in a statement that the deal is important since it is India’s largest-ever foreign currency bond issue.
“The Notes were nearly 3 times oversubscribed with a peak order book aggregating $11.5 billion and were priced through RIL’s secondary curve,” said RIL.
Over 200 customers in Asia, Europe, and the United States placed orders with the Notes.
“The support received from the marquee international capital market investors is reflective of the strength of our underlying businesses with established growth platforms across energy, consumer and technology as well as the robustness of our balance sheet. This issue continues the tradition of Reliance being a sophisticated and innovative issuer across the capital structure,” said Srikanth Venkatachari, Joint Chief Financial Officer of RIL.
Joint Global Coordinators were BoFA Securities, Citigroup, and HSBC. Joint Active Bookrunners were BofA Securities, Citigroup, HSBC, Barclays, JP Morgan, and MUFG. Joint Passive Bookrunners were ANZ, BNP PARIBAS, Crédit Agricole CIB, DBS Bank Ltd., Mizuho Securities, SMBC Nikko, Standard Chartered Bank, and State Bank of India, London Branch.
