Reliance embarks on buyback of global bonds

A buyback of shorter-dated bonds seeks to improve the group''s debt maturity profile and save interest costs.

Indian petrochemicals giant, Reliance Industries Ltd, launched a cash tender offer yesterday Wednesday to buy back all of its outstanding bonds maturing in 2005, 2027 and 2026. UBS Warburg is the dealer manager for the tender offer, which seeks to retire $341 million principal of outstanding bonds and will make Reliance the first Indian issuer to complete a public buy-back.

The bonds being bought back are the Reliance 8.125% 2005 bonds, 8.25% 2027 bonds, 7.625% 2027 bonds and 9.375%...

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