Friday, December 13, 2013
Reliance Communications mulling $1bn debt issue: Sources
Proceeds from the issue would likely go towards retiring and restructuring the company’s existing high-cost debt.
Dec 10, 2013: The Anil Ambani-led telecommunications firm Reliance Communications is considering a bond issue to the tune of USD 1 billion, reports CNBC-TV18, quoting sources.
The firm is said to have appointed bankers to finalize the issue and has short-listed European and Singapore markets as potential markets.
The issue, which is targeting fund-raising at the cost of debt of around 8 to 9 percent, would, however, depend on market conditions. Proceeds from the issue would likely go towards retiring and restructuring the company’s existing high-cost debt.
The debt-laden firm had total liabilities of Rs 41,169 crore as of September 2013. When contacted, Reliance Communications declined to comment on the issue.