Reliance Petroleum wins accolades
in The Asset Triple A House & Deal Awards
January 1, 2007 (Press Release) --
Hong Kong, 19th December – Reliance Petroleum’s US$2 billion greenfield refinery financing. has been named as the Best Syndicated Loan and the Best Project Finance Loan in The Asset Magazine’s annual Triple A House & Deal Awards for 2006. The results are featured in detail in the December issue of The Asset.
In November, Reliance Petroleum closed a US$2 billion greenfield refinery financing, representing the largest foreign currency loan in India and the largest limited recourse financing in Asia, outside of China, since the Asian financial crisis.
The deal was upsized from the initial amount of US$1.5 billion due to strong market support with 52 banks participating. The syndication was heavily oversubscribed with commitments in excess of US$3.4 billion and almost 90% of those invited at the top level confirming their participation. The hybrid structure of the facility was reflected in the pricing. The innovative structure broadened the universe of lenders by enticing those interested in corporate as well as project finance loans.
Apart from the loan, the project is being financed through a combination of sponsor equity, including US$300 million from Chevron, a strategic investor with a 5% equity, and proceeds from the highly successful IPO in April this year, an export credit agency tranche of US$1 billion and other debt of US$1 billion.
This year marks the 8th edition of The Asset Magazine Triple A House & Deal Awards which are conducted to identify excellence in the financial services industry. They are based on both quantitative and qualitative factors that contribute to a point score called The Asset Scoring Quotient (TASQ). Whenever possible, TASQ is further supplemented by conducting follow up interviews with the financial institutions and their clients.
The Asset Magazine is a monthly financial business magazine written for users and providers of financial services in Asia. Established in 1999 it has an average circulation of 16,211 (BPA, June
2006) of which 85% is distributed within Asia.
The Asset Magazine is part of The Asset Network, a community of leading corporate and financial executives in Asia (www.theasset.com) and is published by Asset Publishing & Research Ltd.
In November, Reliance Petroleum closed a US$2 billion greenfield refinery financing, representing the largest foreign currency loan in India and the largest limited recourse financing in Asia, outside of China, since the Asian financial crisis.
The deal was upsized from the initial amount of US$1.5 billion due to strong market support with 52 banks participating. The syndication was heavily oversubscribed with commitments in excess of US$3.4 billion and almost 90% of those invited at the top level confirming their participation. The hybrid structure of the facility was reflected in the pricing. The innovative structure broadened the universe of lenders by enticing those interested in corporate as well as project finance loans.
Apart from the loan, the project is being financed through a combination of sponsor equity, including US$300 million from Chevron, a strategic investor with a 5% equity, and proceeds from the highly successful IPO in April this year, an export credit agency tranche of US$1 billion and other debt of US$1 billion.
This year marks the 8th edition of The Asset Magazine Triple A House & Deal Awards which are conducted to identify excellence in the financial services industry. They are based on both quantitative and qualitative factors that contribute to a point score called The Asset Scoring Quotient (TASQ). Whenever possible, TASQ is further supplemented by conducting follow up interviews with the financial institutions and their clients.
The Asset Magazine is a monthly financial business magazine written for users and providers of financial services in Asia. Established in 1999 it has an average circulation of 16,211 (BPA, June
2006) of which 85% is distributed within Asia.
The Asset Magazine is part of The Asset Network, a community of leading corporate and financial executives in Asia (www.theasset.com) and is published by Asset Publishing & Research Ltd.
Email
Print
SPAM
LEAVE A COMMENT
