RIL prices $1,000 million 5.400 pc guaranteed senior notes due 2022

RIL prices $1,000 million 5.400 pc guaranteed senior notes due 2022

3:29 AM, 10th February 2012
RIL prices $1,000 million 5.400 pc guaranteed senior notes due 2022

MUMBAI, INDIA: Reliance Industries Limited (RIL) announced that its wholly-owned subsidiary Reliance Holding USA Inc priced $1,000 million 5.400 per cent guaranteed senior notes due 2022. The notes will be fully and unconditionally guaranteed by RIL. The transaction priced through RIL’s secondary curve and was nearly 8 times over-subscribed with an orderbook aggregating $7.8 billion. The Notes have been priced at 345 basis points over the 10-year US Treasury Note, at a price of 99.481per cent to yield 5.468 per cent. The Notes will be denominated in US dollars, and will bear fixed interest of 5.400 per cent per annum, with interest payable semi-annually in arrear.

Reliance Holding US Inc will apply the net proceeds to fund its ongoing capital expenditure, to make business investments, to refinance its existing debt and for general corporate purposes. Bank of America Merrill Lynch, Barclays Capital, Citigroup Global Markets Inc, The Hongkong and Shanghai Banking Corporation Limited and UBS AG, Singapore Branch acted as joint bookrunners and lead managers. “We are delighted to see the strong interest shown by high quality global investors in RIL’s credit. The transaction was well executed despite the short time-window and a volatile global environment,” said V Srikanth, Joint Chief Financial Officer, Reliance.

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