Re: {LONGTERMINVESTORS} RELIANCE INDUSTRIES... thread....

  The company through its overseas wholly-owned subsidiaries signed facilities agreements for availing term loan facilities for an aggregate amount of $573 million (equivalent to approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the facilities). RIL group had ordered six state-of-the-art VLECs, which will be the largest ethane vessels ever built in the world. The announcement was made after market hours yesterday, 25 October 2016.

The facilities with door to door tenor of 12 year comprise of a Korea Trade Insurance Corporation (K-sure) insured tranche of $286.50 million and a commercial tranche of $286.50 million. The facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20. The facilities were oversubscribed by two times and saw participation from seven banks in K-sure covered tranche and six banks in the commercial tranche. This reflects the strong credit standing of RIL in the international financial markets. VLECs would transport ethane from United States of America to Dahej terminal in India, which will be used for feeding RIL's crackers at Dahej, Hazira and Nagothane, to ensure consistent supply of ethane at competitive prices.

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