In a bid to refinance $255 million of overseas loans, Reliance Communications (RCom) is planning to raise funds by issuing US dollar-denominated debt instruments. The proceeds will be used to repay existing foreign currency debt to avail of longer maturity redemption period. There will be no increase in the company's overall borrowing.
The notes, if issued, will be listed on the Singapore Stock Exchange. The notes won't be available to investors in the US or India. The company’s net debt fell by Rs 3,900 crore to Rs 36,334 crore at the end of September after it raised funds via an institutional share sale.
Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
