Financial Daily
from THE HINDU group of publications
Friday, December 15, 2000
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Financial Daily from THE HINDU group of publications Friday, December 15, 2000 |
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$129.5-m syndicated loan for Reliance Petro
MUMBAI: Reliance Petroleum Ltd (RPL) has raised a $129.5-million loan for refinancing an existing project finance facility.
The loan was arranged by ANZ Investment Bank, Bank of America Asia Ltd and Toronto Dominion (South-East Asia).
The loan is at an interest of 170 basis points over Libor and is for a period of nine years with an average maturity of six years.
The facility was signed on Thursday and fully underwritten by the arrangers. It has been oversubscribed with commitments from 11 banks according to a press release from ANZ Investment Bank.
The syndicated loan was initially supported by RPL's parent company, Reliance Industries Ltd (RIL), but it was now being supported by RPL based on the ``intrinsic strengths and strong fundamentals of the project.'' RPL has its grassroot refinery at Jamna
gar in Gujarat. -- Our Bureau
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