Coordinating arrangers ABN AMRO, ANZ Investment Bank, Credit Lyonnais and Standard Chartered Bank have launched a $250 million equivalent yen-denominated loan for India's Reliance Industries. Proceeds are being used to fund the company's bond buyback programme announced last month.
Under the buyback programme, which expires on July 18, Reliance has proposed to retire $341 million worth of bonds maturing in 2005, 2026 and 2027. The 8.25% 2027 and 7.625% 2027 bonds are puttable in 2007 while the 9.375% 2026...