India’s fourth largest mobile operator Reliance Communications (RCom) is considering issuing US dollar-denominated senior secured notes to refinance US$255m of overseas loans.
If issued, the notes will be listed on the Singapore Stock Exchange, Anil…
India’s fourth largest mobile operator Reliance Communications (RCom) is considering issuing US dollar-denominated senior secured notes to refinance US$255m of overseas loans.
If issued, the notes will be listed on the Singapore Stock Exchange, Anil Ambani’s company said in a stock exchange filing.
“The notes’ proceeds will be used to repay existing foreign currency debt of US$255m to avail longer maturity redemption period,” RCom noted, adding that the refinancing will not increase its total borrowings.
A draft preliminary offering circular has been prepared and will be made available to prospective investors. The notes will not be sold in India or the United States.
RCom posted net debt of Rs363.43bn (US$5.87bn) as of the end of September. Revenues for the third quarter of 2014 were down 7.4% year-on-year to Rs54bn (US$872.78m).
