Reliance Industries Limited has announced that it has priced a Rule 144A/Regulation S offering of USD 750 million 4.875% Senior Unsecured Notes due 2045. The Notes have been assigned a rating of BBB+ (S&P) and Baa2 (Moody's).
Reliance Industries Limited has announced that it has priced a Rule 144A/Regulation S offering of USD 750 million 4.875% Senior Unsecured Notes due 2045. The Notes have been assigned a rating of BBB+ (S&P) and Baa2 (Moody's).
Transaction Highlights
• RIL continues to be the only Reg S / 144A 30 year private corporate issuer out of Asia since 2003
• Lowest coupon ever achieved by an Asian private corporate issuer for a 30 year issuance
• First ever single tranche 30 year deal by a private corporate issuer out of Asia
• Opened the 30 year market for corporate issuances out of Asia in 2015
• Continues to be the only company out of India to have issued 30 year bonds
The Notes have been priced at 262.5 basis points over the 30-year US Treasury Note, at
a price of 98.865 to yield 4.948%. The Notes will be denominated in US dollars, and will
bear fixed interest of 4.875 percent per annum, with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the Company.
The funds will be utilized for its ongoing capital expenditure.
The Notes were over 3.07 times over-subscribed across 167 accounts.
In terms of geographic distribution, the Notes were distributed 47% in Asia, 8% in Europe and 45% in the United States. In terms of investor distribution, the Notes were distributed to high quality fixed income accounts: 52% to fund managers, 31% to insurance companies, 8% to pension funds, 6% to central banks and sovereign wealth funds, 2% to banks and 1% to private banks.
Mr V. Srikanth, Joint Chief Financial Officer of RIL, commented, "We are delighted to continue to lead the way for Asian corporates to access long-term financing at attractive rates. Like our previous issuances, we were able to efficiently execute through an intraday window, despite volatility in asset markets."
Bank of America Merrill Lynch, Barclays Bank PLC, Citigroup Global Markets Inc. and The Hongkong and Shanghai Banking Corporation Limited acted as Joint Book runners and Lead Managers.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
Reliance stock price
On February 04, 2015, at 11:13 hrs Reliance Industries was quoting at Rs 937.20, down Rs 0.25, or 0.03 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 794.00.
The company's trailing 12-month (TTM) EPS was at Rs 68.33 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 13.72. The latest book value of the company is Rs 609.11 per share. At current value, the price-to-book value of the company is 1.54.
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