RCom subsidiary raises about Rs 2,100 cr through global bonds

Tags: News
Submarine cable arm of Reliance Communications, Global Cloud Xchange today announced raising about Rs 2,100 crore ($ 350 million) through a debt bond from overseas market mainly to refinance debt.

The company in a statement said that it has made "successful debut in the international capital markets, pricing $ 350 million in 5 non-call 2 years Senior Secured Regulation S/Rule 144A Fixed Rate Notes maturing in 2019."

The company said that it will use about Rs 1,500 crore ($ 250 million) of the proceeds to refinance the Standard Chartered Bank Loan Facility entered into by Reliance Globalcom BV, and the remaining for capital expenditure and general corporate purposes.

The deal received an overwhelming response from the market, and was significantly oversubscribed, GCX said.

By geography, 22 per cent the new issue was allocated to US, 29 per cent to Europe and 49 per cent to Asia, it added.

On the type of investors, the issue saw 78 per cent go to fund managers, 13 per cent to hedge funds, 6 per cent to private banks, and 3 per cent to other investors, it added.

The Notes are expected to settle on August 1, 2014, the statement said, adding Deutsche Bank and Standard Chartered Bank acted as Joint Global Coordinators.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture