Reliance Industries’ wholly-owned subsidiary, Reliance Holding USA, has raised another $500 million (Rs. 2492 crore) through a bond (Guaranteed Senior Notes) issue. The issue would be guaranteed unconditionally by Reliance Industries..This additional issuance of Notes, which closed on February 28, 2012 was a follow-up issuance of the previous issuance of $1 billion Notes by Reliance Industries..AZB & Partners acted as domestic legal counsel to the Issuer and the Guarantor. The AZB team was led by Partners Shuva Mandal and Varoon Chandra along with Associate Gagan Sharma..Davis Polk & Wardwell acted as International legal advisor to the Issuer and Guarantor with a team led by Phillip G. Sharp..J. Sagar Associates advised the Joint Bookrunners and Lead Managers, viz. Barclays Bank PLC, Citigroup Global Markets Inc., and The Hongkong and Shanghai Banking Corporation. The JSA team was led by Partner Dina Wadia along with Senior Associate Uttara Kolhatkar and Associates Kunal Kaul, Utsav Johri and Kunal Mehta..Shearman & Sterling acted as International legal counsel to Joint Bookrunners and Lead Managers. Shearman team was led by Partner Kyungwon (Won) Lee (Hong Kong-Capital Markets) along with Associates Trevor Ingram, Mark Tan (both Singapore-Capital Markets) and Minsoo Kwon (Hong Kong-Capital Markets). Other Shearman lawyers involved in the transaction are Partner Laurence Crouch and Counsel Eileen O’Pray (both Palo Alto-Tax)..The Guaranteed Senior Notes due by 2022 bear a fixed interest of 5.4 percent a year, with interest payable semi-annually in arrears. Further, the issue was priced at 325 basis points over the 10-year US Treasury Note to yield 5.267 percent, according to the press release..Reliance Holding USA, Inc. will apply the net proceeds to fund its ongoing capital expenditure, to make business investments, to refinance its existing debt and for general corporate purposes.
Reliance Industries’ wholly-owned subsidiary, Reliance Holding USA, has raised another $500 million (Rs. 2492 crore) through a bond (Guaranteed Senior Notes) issue. The issue would be guaranteed unconditionally by Reliance Industries..This additional issuance of Notes, which closed on February 28, 2012 was a follow-up issuance of the previous issuance of $1 billion Notes by Reliance Industries..AZB & Partners acted as domestic legal counsel to the Issuer and the Guarantor. The AZB team was led by Partners Shuva Mandal and Varoon Chandra along with Associate Gagan Sharma..Davis Polk & Wardwell acted as International legal advisor to the Issuer and Guarantor with a team led by Phillip G. Sharp..J. Sagar Associates advised the Joint Bookrunners and Lead Managers, viz. Barclays Bank PLC, Citigroup Global Markets Inc., and The Hongkong and Shanghai Banking Corporation. The JSA team was led by Partner Dina Wadia along with Senior Associate Uttara Kolhatkar and Associates Kunal Kaul, Utsav Johri and Kunal Mehta..Shearman & Sterling acted as International legal counsel to Joint Bookrunners and Lead Managers. Shearman team was led by Partner Kyungwon (Won) Lee (Hong Kong-Capital Markets) along with Associates Trevor Ingram, Mark Tan (both Singapore-Capital Markets) and Minsoo Kwon (Hong Kong-Capital Markets). Other Shearman lawyers involved in the transaction are Partner Laurence Crouch and Counsel Eileen O’Pray (both Palo Alto-Tax)..The Guaranteed Senior Notes due by 2022 bear a fixed interest of 5.4 percent a year, with interest payable semi-annually in arrears. Further, the issue was priced at 325 basis points over the 10-year US Treasury Note to yield 5.267 percent, according to the press release..Reliance Holding USA, Inc. will apply the net proceeds to fund its ongoing capital expenditure, to make business investments, to refinance its existing debt and for general corporate purposes.