Reliance Industries Ltd (RIL) has raised $4 billion through a multi tranche long-tenure US dollar jumbo bond issue in the largest debt capital market transaction by an Indian firm, the Mukesh Ambani-led conglomerate said on Thursday.

The fund raise is also the largest ever foreign currency bond issue from India with tenures stretching 10, 30 and 40 years and the proceeds will be primarily used for refinancing of existing borrowings, the firm said.

RIL raised $1.5 billion at 2.875% due in 2032, $1.75 billion at 3.625% maturing in 2052 and $0.75 billion at 3.750% due in 2062.

The bonds were priced at 120 basis points, 160 basis points and 170 basis points over the respective US Treasuries benchmark.

The notes were oversubscribed nearly three times with a peak order book aggregating about $11.5 billion and were priced through RIL’s secondary curve.

The notes are rated BBB+ by S&P and Baa2 by Moody’s.

The bond issues have the tightest ever implied credit spread over the respective US Treasury across each of the three tranches by an Indian corporate.

It is also the lowest coupon achieved for benchmark 30-year and 40-year issuances by a private sector BBB corporate from Asia ex-Japan and the first ever 40-year tranche by a BBB private sector corporate from Asia ex Japan.

“The support received from marquee international capital market investors is reflective of the strength of our underlying businesses with established growth platforms across energy, consumer and technology, as well as the robustness of our balance sheet. This issue continues the tradition of Reliance being a sophisticated and innovative issuer across the capital structure,” Srikanth Venkatachari, Joint Chief Financial Officer, RIL said in a statement.

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