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RJIL looks to refinance $1.5 billion overseas debt

November 14, 2017

Reliance Jio Infocomm Limited (RJIL) is planning to refinance around $1.5 billion of debt from overseas lenders. This is part of the overall refinancing of $2.5 billion of Reliance Industries Limited’s (RIL) older bank facilities.

Reportedly, there are two bank facilities of $1 billion and $500 million each with tenors of 5.5 and 7 years, respectively that can be used by the company to refinance its debt. Both facilities, guaranteed by RIL, were underwritten by a consortium of 15 foreign banks.

The original loan of $1.5 billion was part of the debt raised by the company to buy broadband spectrum. In 2010, Reliance Industries had bought Infotel Broadband Services for $1 billion, marking its re-entry of into the telecom business. Infotel Broadband Services was then the only firm to win broadband spectrum in all 22 zones in India paying Rs128.48 billion for the spectrum. During 2016-17, RIL had infused Rs 336.60 billion into RJIL in the form of optionally convertible preference shares. RIL presently holds 99.44 per cent equity stake in RJIL which started commercial operations in September 2016 and provides pan-India telecom 4G network in key domains.


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