Reliance Industries raises $1.5 bn debt

Reliance Industries raises $1.5 bn debt

New Delhi: Reliance Industries, 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 US 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, Bank of America-Merrill Lynch, HSBC and RBS acted as joint bookrunners and lead managers for the issue, Reliance said.