Reliance Industries today said it has raised USD 800 million by selling 10-year bonds – the first offering since Moody’s raised India’s sovereign rating.
The bonds were priced at 3.66 per cent, the lowest coupon ever achieved by an Indian corporate for a 10-year issuance, the company said in a statement.
RIL, which is rated the same as the sovereign, will use the proceeds to refinance existing debt. This was the first dollar note this year.
The note by RIL, India’s largest company, was assigned ‘BBB+’ rating by S&P and ‘Baa2’ by Moody’s Investors Service.
“The notes have been priced at 130 basis points over the 10-year US Treasury Note, at a price of 100 to yield at 3.667 per cent,” the statement said.
They will bear fixed interest of 3.66 per cent per annum, with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the company. Read More…