The Hindu Business Line : Reliance to raise $250 m via syndicated loan

The mandate for this transaction has been awarded to six of RIL's relationship banks. This transaction signals the commencement of a new financing programme for RIL for 2006.

This multi-currency borrowing provides the banks with an option to participate in a combination of Japanese yen, US dollar and euro. The proceeds of this transaction are intended for RIL's ongoing capital expenditure programme. This transaction is being lead arranged by ABN-Amro Bank NV, Bank of America NA, The Bank of Tokyo-Mitsubishi Ltd, Calyon, DBS Bank Ltd and The Hong Kong and Shanghai Banking Corporation Ltd.

The new mandate follows RIL's $350 million multi-currency syndicated loan, which closed in March.

Mr Alok Agarwal, President, Finance, RIL, after mandating the lead arrangers, said, "Once again, I am very pleased with the commitment shown by our relationship banks, and their quick turnaround and responsiveness to this important transaction for RIL. This financing represents our effort, through our global relationship banks, to diversify our international investor base even further."

Mr John Corrin, the Head of Syndications (Asia-Pacific) for Calyon, on behalf of the mandated lead arrangers said, "We are pleased to be associated with India's premier private sector corporate for this transaction and are confident that this deal, like other transactions of Reliance Industries, will meet with similar unprecedented success."

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