Reliance Communications (RCOM) is planning to raise funds by issuing dollar-denominated senior secured notes. According to the company, if issued, the notes will be listed on the Singapore Stock Exchange. It added that these notes will not be offered or sold in India or in the US.
A part of the proceeds will be utilised to repay the company?s existing foreign currency debt of around $255 million in order to avail a longer maturity redemption period. RCOM is of the view that the issue of these instruments will not increase the borrowings of the company as it will raise new debt, but would repay the existing debt.
In this regard, a draft preliminary offering circular has been prepared and will be made available to the potential investors to consider the issuance of notes.
