Reliance Communications raises $300 million through Reg S bond issue

Reliance Communications (RCOM) has raised $300 million through a Regulation S (Reg S) bond issue. The tenor of the bonds is 5.5 years and the coupon rate is 6.5 per cent. The funds raised are likely to be used for upfront spectrum payments and capital expenditure by the company.

The bonds have been rated ‘Ba3’ by Moody’s and ‘BB-‘ by Fitch Ratings. The issue arrangers were Standard Chartered Bank and DBS Bank. The company?s net debt stood at at Rs 367.67 billion for the quarter ended December 2014.