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Submarine cable arm of Reliance Communications, Global Cloud Xchange today announced raising about Rs 2,100 crore ($350 million) through a debt bond from overseas market mainly to refinance debt.
The company in a statement said that it has made "successful debut in the international capital markets, pricing $350 million in 5 non-call 2 years Senior Secured Regulation S/Rule 144A Fixed Rate Notes maturing in 2019."
The company said that it will use about Rs 1,500 crore ($250 million) of the proceeds to refinance the Standard Chartered Bank Loan Facility entered into by Reliance Globalcom BV, and the remaining for capital expenditure and general corporate purposes.
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The deal received an overwhelming response from the market, and was significantly oversubscribed, GCX said.
By geography, 22% the new issue was allocated to US, 29% to Europe and 49% to Asia, it added.
On the type of investors, the issue saw 78% go to fund managers, 13% to hedge funds, 6% to private banks, and 3% to other investors, it added.
The Notes are expected to settle on August 1, 2014, the statement said, adding Deutsche Bank and Standard Chartered Bank acted as Joint Global Coordinators.
