Reliance Communications to refinance $1.18 billion at 5% interest rate

By Telecom Lead Team: Reliance Communications has
received RBI approval for refinancing from Industrial and Commercial Bank of
China (ICBC), China Development Bank Corporation (CDB) and Export Import Bank
of China (EXIM).

Outstanding FCCBs of $ 1.18 billion (approx. Rs 5,825 crore) will be redeemed
on due date of March 1, 2012.

Reliance Communications will benefit from extended Loan Maturity of 7 years.

Refinancing will be done at interest cost of about 5 percent.

This is the largest refinancing in history of FCCBs by any Indian corporate.

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