RIL inks $110-m forex loan with ANZ, BA Asia, Credit Lyonnais

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Mumbai, Jan 3: Reliance Industries Ltd (RIL) on Thursday signed a $110 million five-and-a-half year cross-border syndicated term-loan with ANZ Investment Bank, BA Asia and Credit Lyonnais. General syndication is to be launched later in the month.

The transaction sets a new benchmark for RIL paper for five-and-a-half year maturity. The indicative price for this loan is seen at 100 basis points over Libor. Credit Lyonnais is the facility agent.

"This transaction underscores the stature of RIL as the most sought after Indian group in the international markets capable of attracting participation of a wide spectrum of banks," Credit Lyonnais stated in a press statement.

The International Financial Review had recently awarded the Reliance group’s $750-million borrowing facility with the accolade of the ‘Indian Capital Market Deal of the Year’.

The present transaction is seen as being a trend-setter for borrowings by local corporates.

Said RIL’s treasurer, Alok Agarwal: "The deal was structured and signed in record time by the lead arrangers notwithstanding the holiday season in the international markets. It is the constant endeavour of the Reliance group to pro-actively manage its external debt portfolio, amongst others, by refinancing expensive debt via lower cost borrowings".