Reliance Holdings USA Inc, a wholly owned subsidiary of Reliance Industries Ltd, has raised $1 billion in 10-year dollar-denominated debt, in one of the largest overseas bond sales by an Indian company.
The 5.4-per cent senior, unsecured notes maturing in February 2022 has been priced 345 basis points above similar-maturity treasuries, the company said in a press release.
The notes, fully and unconditionally guaranteed by RIL, was nearly 8 times over-subscribed with an order book aggregating $7.8 billion, the company said.
This is the first corporate bond from India in 2012 and the first since August 2011. It is also the largest high-grade private corporate issuance in the oil and gas sector from Asia (including Japan and Australia) and the emerging markets in the last 12 months, according to RIL.
Reliance said the bond issue, with no new issue concession, was supported by investors with nearly 400 accounts in Asia, Europe and the United States.
The notes were priced at 345 basis points over the 10-year US Treasury note, at a price of 99.481 per cent to yield 5.468 per cent.