After $3 bn, Reliance Industries, Jio raise $2 bn foreign exchange loan

Barely days after signing a USD 3 billion financing in India's most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised USD 2 billion add-on foreign currency facility at most competitive rates, sources said.

The USD 3 billion financing closed on March 31 and the add on USD 2 billion thereafter. The fund raising is the largest through syndicated term loans by an Indian corporate house in at least five years, the banking sources involved in the deal said.

The primary syndication of USD 3 billion involved around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho, and Credit Agricole.

The new loan of USD 2 billion has the same terms as the borrowing signed on March 31 with 55 lenders, including 40 that joined in two phases of syndication.

The sources said the blowout response was not surprising considering the momentum the USD 3 billion borrowing had already .