RCOM draws second tranche from China Development Bank

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

RCOM draws second tranche from China Development Bank

Reliance Communications has drawn down second tranche of Rs.1,780 crore (US$400 million) towards refinancing of 3G spectrum fees out of the Rs.8,700 crore (US$1.93 billion) facility signed with China Development Bank (CDB) on March 9, 2011.

The facility includes Rs.6,000 crore (US$1.33 billion) for refinancing 3G spectrum fee payment by RCOM and Rs.2,700 crore (US$600 million) for equipment imports from the Chinese vendors.

The first tranche of Rs.3,000 crore (US$665 million) was drawn down on 17th March, 2011. With this drawl, RCOM has already drawn Rs.4,780 crore (US$1.06 billion) towards refinancing of 3G spectrum fees and the last tranche is expected to be drawn very shortly.

The drawn down amount will be used to refinance RCOM's short-term rupee borrowings, resulting in substantial savings in its interest cost, apart from extending RCOM's debt maturity profile.

The loan facility which is fully underwritten by CDB, and is being funded by a syndicate of the Chinese banks/ financial institutions, including CDB.

This represents the first and largest-ever Syndicated Loan for refinancing Spectrum Fees by any telecom company.


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