RPL gets $1500 mn term loan facility

Mumbai, Aug 11: Reliance Petroleum Ltd (RPL), a subsidiary of Reliance Industries Ltd (RIL), has mandated a group of Lead Arrangers for USD 1500 million as a term loan facility.

After comprehensive due dilligence, each of the 14 original mandated lead arrangers have obtained the necessary approvals for the term loan facility, said the company's press release.

Accordingly, the facility has been fully underwritten by each one of the mandated lead arrangers.

RPL claims that this loan facility is India's largest ever offshore syndicated loan offering. This consists of USD 950 million on 7.5 year tranche and another of USD 550 million on 10 year tranche with a blended average of 6.6 years, the release said.

The proceeds of the facility will be used to finance a new 580,000 barrels-per-day refinery and nine lakh tonnes per annum of Polypropelene unit, the release said adding that this project will be located adjacent to RIL's existing refinery at Jamnagar in Gujarat.

UNI