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Reliance Industries<\/a> Ltd. plans to refinance a significant portion of about $12 billion of borrowings that mature over the next three years and may sell bonds<\/a> to repay the debt, according to company executives with knowledge of the matter.
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\nIndia’s largest company by market value will repay some of the debt coming due, mostly bonds and interest, the officials said, asking not to be identified discussing confidential matters. Reliance’s repayments from 2018 through 2020 will be its biggest for any previous three-year period and include about $8.14 billion of term loans, $3.52 billion of bonds and a $300 million revolver loan, according to data compiled by Bloomberg. It also has about $1.65 billion of interest payments, the data show.
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Reliance’s borrowings have ballooned over the past five years as the group invested in building its telecom business, a pet coke gasification unit and in expanding petrochemicals capacities. The plan to tap the bond market is part of a larger trend that’s seen Indian corporates choosing bonds over loans for the first time in at least a decade. One of the fastest economic growth rates in the world and Prime Minister Narendra Modi<\/a>’s reforms have attracted global funds to India, reducing costs for issuers.
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![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
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\n“There is a lot of appetite among investors for Indian issuers,” said Raj Kothari, head of trading at Jay Capital Ltd. in London. “Reliance being the biggest company from India with solid finances, there would be no challenges for the company in refinancing its debt.”
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Controlled by second-richest Asian Mukesh Ambani<\/a>, Reliance has sufficient cash though it won’t use it to repay maturing debt as the company’s credit ratings and strong finances enable it to raise funds at competitive rates, the people said. A Reliance spokesman did not respond to an email seeking comment.
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\nS&P Global Ratings has a BBB+ score on Reliance’s long-term debt, two levels above the sovereign; while Moody’s has the company at Baa2, a notch above the Indian government.
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\nReliance’s $1 billion 4.125 percent 2025 notes was quoted at 139 basis points over U.S. treasuries, the tightest spread since issuance, and lower than the average of 185 basis points on an index of Indian investment-grade debt compiled by Bank of America Merrill Lynch. The company earned about 94 billion rupees, or about a quarter of the company’s profit before tax, in the year ended March by investing its surplus cash in interest bank deposits, debt securities and other instruments, according to its annual report.
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\nReliance has yet to decide whether to raise the funds for refinancing through local- or foreign-currency bonds, according to the people. The company hasn’t decided on the timing of any new issuance or on the amount it plans to raise, though it will probably use several tranches as debt matures, they said.
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\nIndia’s second-largest oil refiner had outstanding debt of more than $31 billion as on June 30 and cash of about $11 billion. Reliance generated an operating profit of about 147 billion rupees ($2.3 billion) in the quarter ended June, which suggests that the figure could be around 588 billion rupees for this financial year.
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\nReliance’s reported debt numbers may actually increase over the next two to three years due to planned investments of about 550 billion rupees in the current fiscal and a “significant payment” due for capital spending and deferred liabilities, Kotak Securities had said in a report last month.\n\n<\/body>","next_sibling":[{"msid":59980477,"title":"700 left in lurch as call centre set to shut","entity_type":"ARTICLE","link":"\/news\/700-left-in-lurch-as-call-centre-set-to-shut\/59980477","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59980984,"entity_type":"ARTICLE","title":"Rs 75,500 crore RIL debt maturing, Ambani may hit bond mart soon","synopsis":"The debt has ballooned over the past 5 years as the co invested in building its telecom unit.","titleseo":"telecomnews\/rs-75500-crore-ril-debt-maturing-ambani-may-hit-bond-mart-soon","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2017-08-09 09:13:43","lastupd":"2017-08-09 09:14:10","breadcrumbTags":["reliance industries","bonds","Mukesh Ambani","narendra modi","RIL","industry"],"secinfo":{"seolocation":"telecomnews\/rs-75500-crore-ril-debt-maturing-ambani-may-hit-bond-mart-soon"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-08-09" data-index="article_1">
由Saket Sundria和帕蒂尔迪
信实工业公司ltd .)计划融资约120亿美元的借款的很大一部分,成熟在未来三年内,可能出售债券偿还债务,根据公司高管与知识。
印度最大的公司市值将偿还即将到期的债务,主要是债券和利益,官员说,要求不具名的讨论机密问题。依赖的偿还从2018年到2020年将其最大的任何之前的三年内,包括约81.4亿美元的贷款,35.2亿美元的债券和贷款3亿美元的左轮手枪,据彭博社采集数据显示。它还拥有约16.5亿美元的利息,数据显示。
依赖的借款都纷纷过去五年集团投资建设其电信业务,宠物焦炭气化单元和扩大石油化工产品的能力。利用债券市场的计划是一个更大的趋势的一部分,看到印度企业选择债券在贷款至少十年来首次。世界上最快的经济增长率和总理莫迪印度的改革吸引了全球基金,为发行人降低成本。
“有很多印度发行机构投资者的偏好,“Raj Kothari说,交易主管Jay资本有限公司在伦敦。“依赖与固体从印度最大的公司财务状况,就没有挑战公司为其债务再融资。”
由富有的亚洲穆凯什•安巴尼,依赖有足够现金虽然不会用它来偿还到期债务公司的信用评级和强劲的财务状况使它能以有竞争力的利率筹集资金,。信实工业公司的发言人没有回复寻求置评的电子邮件。
标普全球评级对依赖BBB +得分的长期债务,两个级别高于主权;尽管穆迪公司在给予Baa2,一个等级高于印度政府。
依赖的10亿4.125% 2025美元在美国国债139个基点,报最自发行以来,传播和低于平均的185个基点的印度投资级债券指数编制的(Bank of America Merrill Lynch)。该公司赢得了大约940亿卢比,约合四分之一的公司的税前利润,截至今年3月通过投资银行存款利息的现金盈余,债券和其他仪器,根据其年度报告。
依赖尚未决定是否为再融资筹集的资金通过本地或外币债券,根据人民。公司尚未决定的时机发行任何新的或计划量提高,尽管它可能会使用几个部分债务到期,他们说。
印度第二大炼油企业的未偿债务超过310亿美元,6月30日,约110亿美元的现金。依赖产生的营业利润约为1470亿卢比(合23亿美元)的季度结束6月,这表明数字可能在这个财政年度5880亿卢比。
依赖报道债务数量可能会增加在未来两到三年内由于计划投资约5500亿卢比在当前财政和“重大付款”将资本支出和递延负债,科塔克上个月证券在一份报告中称。
信实工业公司ltd .)计划融资约120亿美元的借款的很大一部分,成熟在未来三年内,可能出售债券偿还债务,根据公司高管与知识。
印度最大的公司市值将偿还即将到期的债务,主要是债券和利益,官员说,要求不具名的讨论机密问题。依赖的偿还从2018年到2020年将其最大的任何之前的三年内,包括约81.4亿美元的贷款,35.2亿美元的债券和贷款3亿美元的左轮手枪,据彭博社采集数据显示。它还拥有约16.5亿美元的利息,数据显示。
依赖的借款都纷纷过去五年集团投资建设其电信业务,宠物焦炭气化单元和扩大石油化工产品的能力。利用债券市场的计划是一个更大的趋势的一部分,看到印度企业选择债券在贷款至少十年来首次。世界上最快的经济增长率和总理莫迪印度的改革吸引了全球基金,为发行人降低成本。
“有很多印度发行机构投资者的偏好,“Raj Kothari说,交易主管Jay资本有限公司在伦敦。“依赖与固体从印度最大的公司财务状况,就没有挑战公司为其债务再融资。”
由富有的亚洲穆凯什•安巴尼,依赖有足够现金虽然不会用它来偿还到期债务公司的信用评级和强劲的财务状况使它能以有竞争力的利率筹集资金,。信实工业公司的发言人没有回复寻求置评的电子邮件。
标普全球评级对依赖BBB +得分的长期债务,两个级别高于主权;尽管穆迪公司在给予Baa2,一个等级高于印度政府。
依赖的10亿4.125% 2025美元在美国国债139个基点,报最自发行以来,传播和低于平均的185个基点的印度投资级债券指数编制的(Bank of America Merrill Lynch)。该公司赢得了大约940亿卢比,约合四分之一的公司的税前利润,截至今年3月通过投资银行存款利息的现金盈余,债券和其他仪器,根据其年度报告。
依赖尚未决定是否为再融资筹集的资金通过本地或外币债券,根据人民。公司尚未决定的时机发行任何新的或计划量提高,尽管它可能会使用几个部分债务到期,他们说。
印度第二大炼油企业的未偿债务超过310亿美元,6月30日,约110亿美元的现金。依赖产生的营业利润约为1470亿卢比(合23亿美元)的季度结束6月,这表明数字可能在这个财政年度5880亿卢比。
依赖报道债务数量可能会增加在未来两到三年内由于计划投资约5500亿卢比在当前财政和“重大付款”将资本支出和递延负债,科塔克上个月证券在一份报告中称。
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