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DEBT | 6 December 2012

Reliance Secures Funds From Exim Bank Of The U.S

by Charmi Gutka
Reliance Secures Funds From Exim Bank Of The U.S
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Reliance Industries Limited secured $2.1 bn loan from Export-Import Bank of the United States, which includes $1.06 bn direct loan and to guarantee a $1.06 bn JPMorgan Chase loan to the company.

The funds will be used to finance goods and services procured from exporters and suppliers in the US as part of Reliance's expansion projects at Jamnagar, BSE filing stated.

The transaction is the single largest Exim Bank has ever authorized for Reliance, and it represents Reliance's first attempt at funding through the capital markets with an Ex-Im Bank guaranteed bond issuance.

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