Reliance Industries’ $1-billion issue of senior unsecured notes was oversubscribed 4.5 times by over 272 accounts, a press release from the company said on Thursday. The notes were rated BBB+ by Standard & Poor’s and Baa2 by Moody’s.

Carries interest @ 4.12%

The notes were priced 240 basis points over the 10-year US Treasury Note, at a price of $98.998 to yield 4.249 per cent.

The notes, denominated in dollars, have a fixed interest of 4.125 per cent a year, with interest payable semi-annually in arrears and will rank pari passu with all other unsecured and unsubordinated obligations of the company.

V Srikanth, Joint Chief Financial Officer, RIL, commented, “This transaction opened up the market for private sector corporate issuances out of Asia, against the backdrop of challenging market conditions. We successfully concluded a swift intraday execution to capitalise on the market window and lock in long-term funding at an attractive cost.”

Reliance Industries reported a 4.5 per cent dip in its December quarter net profit to ₹5,256 crore, its first profit decline in nine quarters, after its core refining business suffered a blow from the steep fall in crude oil prices.