Reliance Comm: tied up funds to refinance $1.18 bln foreign bonds
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Last Updated: Tue, Jan 17, 2012 10:31 hrs
Reliance Communications, India's second-largest mobile phone carrier by subscribers, said on Tuesday it has tied up refinancing for outstanding foreign currency convertible bonds of $1.18 billion.
The debt-laden firm, controlled by billionaire Anil Ambani, said in a statement, Industrial and Commercial Bank of China, China Development Bank Corporation and Export Import Bank of China and other banks were funding the refinancing.
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Reliance Communications said the it would benefit from the refinancing at an interest cost of about 5 percent and loan maturity of 7 years.
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