Reliance Communications (RCOM) has reportedly finalised and signed agreements with three Chinese banks for refinancing its outstanding debts of approximately $1.18 billion, raised through foreign currency convertible bonds (FCCBs).
The company released a statement that said, ?Reliance Communications Limited (RCOM) today signed final definitive agreements with ICBC, CDB and EXIM towards refinancing of its outstanding FCCBs.?
The statement added that this refinancing will help the company to benefit from an extended loan maturity of seven years at an interest cost of about 5 per cent.
Further, it said that the FCCBs of $1,182 million are due to be redeemed on March 1, 2012.
