(Bloomberg) -- Reliance Industries Ltd. said it will raise as much as $5 billion in foreign currency denominated bonds and use the proceeds to mainly refinance existing borrowings.
The board approved the plan, which will consist of senior unsecured notes issued in one or more tranches, the company said Saturday in a stock exchange filing.
Earlier, the Economic Times newspaper reported that the sale is poised to become the single largest such borrowing by an Indian company.
While the exact pricing of the bonds has not been made available, there are expectations the 10-year debt may be offered at about 110 to 130 basis points over the U.S. Treasury benchmark, and the 30-year debt may be at 130 to 140 basis points over similar-maturity Treasuries, the Economic Times said.
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