Reliance, Jio raise Rs 41,000 cr foreign currency loans, largest in India’s corporate history

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Ziraat Times
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Mumbai, April 5: Reliance Industries Ltd and its telecom arm Jio Infocomm have raised a total of USD 5 billion in back-to-back foreign currency loans, the largest syndicated loan in India’s corporate history, sources said.

Reliance last week raised USD 3 billion from 55 banks and Reliance Jio Infocomm secured additional credit of USD 2 billion from 18 banks, sources aware of the development said.

The USD 3 billion financing closed on March 31 and the add-on facility of USD 2 billion was secured on Tuesday, they said.

Reliance will mainly deploy the funds raised towards its capital expenditure, while Jio would put the money to finance its nationwide 5G network rollout.

The USD 2 billion add-on will be split equally between Reliance and Jio and is likely to be wrapped up by the end of April, they said.

The primary syndication of USD 3 billion involved around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho, and Credit Agricole.

The new loan of USD 2 billion has the same terms as the borrowing signed on March 31 with 55 lenders, including 40 that joined in two phases of syndication.
The sources said the blowout response was not surprising considering the momentum the USD 3 billion borrowings had already generated in the senior phase by mid-January when it was launched into general syndication.

The oil-to-telecom conglomerate is one of the most sought-after credits from India and enjoys deep banking relationships.

“This was visible from the remarkable response to the USD 3 billion loan, but also from the reception the USD 2 billion add-on has already received,” a senior banker said.

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