BOA Securities closes US private placement deal for RIL

Mumbai, Oct 31 (UNI) Bank of America (BOA) has successfully closed the first ever US Private Debt Placement by an Indian issuer for Reliance Industries Ltd (RIL) under Regulation D of the US Securities Act.

A RIL release said here today that it was a successful deal for a debut issue from the emerging markets. The senior unsecured notes had been placed for a period of 10 and 12 years with US insurance companies, making the first meaningful transaction in the Regulation D market since the early 1990s from Asia. The long-dated notes serve to lengthen RIL's overall debt maturity schedule and to further diversify its sources of funding. The company plans to use the proceeds of the financing for capital expenditure.

Commenting on the deal, Debt Private Placement managing director and Global Head Stephen Monahan said that this was a superb achievement by RIL and the BOA Securities team in the region.

BOA's India CEO Vishwavir Ahuja said, ''This is the first issuance by an Indian company in the US Private Placement markets and we are particularly pleased with the excellent response the deal received from this group of investors.'' UNI KKD SSS AW1908