Reliance pulls trigger on $1.75bn loan with RFP
A request for proposals by Reliance Industries for a chunky $1.75bn loan, four months after the borrower started speaking to lenders, has livened up the slow pace of deals in the market. But bankers this week questioned the company's timing, saying that the deal was coming at a turbulent time for the Indian economy. Some worry that global banks will be put off: at the very least, they expect Reliance to have to pay up, writes Rashmi Kumar.
Structurally, the deal presents few difficulties. The conglomerate, which operates across oil, gas and petrochemical sectors, has split the loan into two — a $1.2bn five year tranche and a $550m six year loan, said bankers who have received the proposal.
The purpose of the loan is also
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