The country's largest private sector company Reliance Industries' issue of 30-year $750 million of senior unsecured notes was subscribed 3.07 times over 167 accounts.

The Notes have been assigned a rating of BBB+ (S&P) and Baa2 (Moody’s).

In January, the company had raised another $1000 million in the overseas debt market through a unsecured note programme.

The current tranche of notes have been priced at 262.5 basis points over the 30-year US Treasury Note, at a price of $98.865 to yield 4.948 per cent. The Notes will be denominated in US dollars, and will bear fixed interest of 4.875% per annum, with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the company. The funds will be utilised for its ongoing capital expenditure.

Geographically, the notes were distributed 47% in Asia, 8% in Europe and 45% in the US, mostly to insurance companies, pension funds, central and private banks and sovereign wealth funds.

V. Srikanth, Joint Chief Financial Officer of RIL, commented, “We are delighted to continue to lead the way for Asian corporates to access long-term financing at attractive rates. Like our previous issuances, we were able to efficiently execute through an intra-day window, despite volatility in asset markets.”

Bank of America Merrill Lynch, Barclays Bank PLC, Citigroup Global Markets Inc. and The Hongkong and Shanghai Banking Corporation Limited acted as Joint Book runners and lead managers.

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