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Reliance Petroleum (RPL), a subsidiary of Reliance Industries (RIL), will raise $1.5 billion (Rs 7,000 crore), the largest-ever term loan, from international markets. It has appointed a group of lead arrangers for the syndicated term loan facility.
The entire amount has been underwritten by each lead arranger. Syndication will be launched on Thursday The lead arranger group will invite banks from across the globe to participate in the fund raising. General syndication is expected to be closed in early October.
It comprises $950 million loan with a 7.5-year term, and $550 million for a 10-year term. This represents the largest offshore syndicated loan financing ever from India and the final maturity of ten years represents the longest maturity for any corporate term debt issuance out of India. Its 10-year tenor will open a new window for Indian companies since the maturity profile for offshore syndicated loans has largely been restricted to 5-7 years.
This deal also marks the re-opening of limited recourse finance market in India after almost a decade.
Proceeds will be used to finance a new 27-million-tonne refinery and a 0.9-million-tonne per annum polypropylene unit, Total cost of the project, which will be located adjacent to RILs existing Jamnagar refinery, is around Rs 25,000 crore.
The company had recently raised Rs 2,700 through equity market by offering its shares at Rs 60 per share. The project is to be completed in record time of three years.
lt will be used to fund a 27-million-tonne refinery and a 0.9-million-tonne per year polypropylene unit The Rs 25,000-crore project will be located next to RILs Jamnagar refinery
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