Reliance Comm: tied up funds to refinance $1.18 bn foreign bonds

Mumbai: Reliance Communications, India’s second-largest mobile phone carrier by subscribers, said on Tuesday it has tied up refinancing for outstanding foreign currency convertible bonds of $1.18 billion.

[caption id=“attachment_184657” align=“alignleft” width=“380” caption=“Reliance Communications has tied up refinancing for outstanding foreign currency convertible bonds of $1.18 billion.”] [/caption]

The debt-laden firm, controlled by billionaire Anil Ambani, said in a statement, Industrial and Commercial Bank of China, China Development Bank Corporation and Export Import Bank of China and other banks were funding the refinancing.

Reliance Communications said the it would benefit from the refinancing at an interest cost of about 5 percent and loan maturity of 7 years.

Reuters