Reliance Petroleum, a subsidiary of Reliance Industries Limited (RIL), has said it had mandated bankers to arrange $1.5 billion syndicated term loan facility to finance the 580,000 barrels per day refinery and the 0.9 million tonne per annum polypropylene unit. | |
| According to RIL, this will be India's largest-ever offshore syndicated loan financing. It comprises a $950 million 7.5-year tranche and a $550 million 10-year tranche with a blended average life of 6.6 years. |
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| The $1.5 billion syndicated loan facility will be also the single largest limited recourse financing mandated in the Asian markets in recent years, excluding China. |
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| This deal will also re-open the limited recourse finance market in India after almost a decade which has not seen significant cross border participation by international banks, the company said. |
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| RIL also claimed that the fundraising represented the largest offshore syndicated loan financing ever from India and the final 10-year maturity represented the longest maturity for any corporate term debt issuance out of India. |
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