India’s Reliance Industries raises $1.5 bln debt

NEW DELHI, Oct 15 (BestGrowthStock) – Reliance Industries
(RELI.BO: ), India’s top-listed firm and owner of the world’s
biggest refining complex, said it raised $1.5 billion in an
issue of dollar bonds.

A $1 billion, 10-year tranche of the issue was priced at
205 basis points over U.S. Treasuries, while a $500 million
30-year bond was priced at 240 basis points above Treasuries,
the company said.

The transaction was nearly 7.8 times over-subscribed with
total order book size on the two-part issue at $11.6 billion,
Reliance said.

The proceeds from the issue by a unit called Reliance
Holding USA Inc and guaranteed by the parent will be used in
refinancing existing debt, business investments and general
corporate purposes, the company said in a statement.

Citigroup (C.N: ), Bank of America-Merrill Lynch (BAC.N: ),
HSBC (HSBA.L: ) and RBS (RBS.L: ) acted as joint bookrunners and
lead managers for the issue, Reliance said.

(Reporting by Devidutta Tripathy)

India’s Reliance Industries raises $1.5 bln debt