4 firms advise on Reliance’s jumbo bond issue


AZB & Partners and Davis Polk & Wardwell advised Reliance Industries on its recent USD4 billion bond issue, in what the company said was the first jumbo US dollar bond issue from India. JSA and Shearman & Sterling advised the initial purchasers on the deal.

The rule 144A senior unsecured three-tranche issue was priced on 5 January. The bonds were listed on the Singapore Stock Exchange.

JSA’s team was led by partner Dina Wadia, and comprised partners Uttara Kolhatkar and Kumarmanglam Vijay, and associate Shiv Singhal.

Shearman & Sterling’s team comprised partner Lee Kyungwon and counsel Leo Wong.

The multi-tranche offering comprised a USD1.5 billion issue with 2.875% coupon due 2032, a USD1.75 billion issue with 3.625% coupon due 2052 and a USD750 million issue with 3.750% coupon due 2062. Reliance Industries said the proceeds from the issue would be used primarily for refinancing of existing borrowings.