Reliance Jio Infocomm raises $750 mn from K-Sure

MUMBAI: Reliance Jio Infocomm (“RJIL”) has signed a USD 750 mn loan backed by Korea Trade Insurance Corporation (K-sure) on May 7, 2015.

The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics and Ace Technologies Corp, which are being sourced for the infrastructure rollout of RJIL.

This is the first facility by K-sure with RJIL. It is the second facility by K-sure with the Reliance Group (incl. RIL and RJIL).

This is the second round of financing for RJIL from Korean ECAs and the third overall between the group and Korean ECAs in three years highlighting the growing business with Korean organisations. It is also K-sure’s largest deal in India.

It has a door to door tenor of 12 years including a 2 year availability period and 10 year repayment period thereafter.

The facility is funded by 9 relationship banks of Reliance including The Hongkong and Shanghai Banking Corporation Limited, Australia and New Zealand Banking Group Limited, Banco Santander, S.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd, and Sumitomo Mitsui Banking Corporation, ING Bank and DZ Bank AG.

Source: CIOL