Reliance Jio takes $1 billion term loan to pay Korean vendors Samsung and Ace

Reliance Jio on Monday secured a USD 1-billion equivalent term loan, from a slew of foreign banks led by ANZ Bank and HSBC and covered by the Korea Trade Insurance Corporation (K-Sure), to finance procurement from Korean vendors Samsung and Ace Technologies.

The term loan, the fourth for Reliance Industries in the past five years and the second covered facility for Jio in the past three years, was arranged on 22 June, the company said in a statement.

“The term loan facility will be used to finance goods and services procured primarily from Samsung and Ace Technologies,” Jio said.

The loan has a door-to-door tenor of 10.75 years, and is the largest deal in the country as well as the largest deal  supported by it in the telecom sector globally, it said.

The facility was arranged by Australia & New Zealand Banking Group, HSBC, BNP Paribas; Commerzbank, Citibank, ING Bank, JPMorgan Chase Bank, Mizuho Bank, MUFG Bank, and Banco  Santander.

(Disclosure: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)