MUMBAI: Reliance Jio Infocomm Ltd (RJIL) has signed a JPY 53.5 billion (apx$497.55 million) Samurai term loan with seven year bullet maturity. The facility is guaranteed by Reliance Industries Ltd (RIL) and will be used for funding RJIL’s ongoing capital expenditure, according to a company release.
More and more companies are turning to Samurai financing due to the low interest rates in Japanese Yen-denominated funding compared with any major currencies in the world.
This deal represents the largest Samurai loan for an Asian corporate. The facility has been fully underwritten by Mizuho Bank Ltd., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (MBC) Singapore branch and will be shortly launched into syndication.
Reliance Jio Infocomm Ltd (Jio), a subsidiary of Reliance Industries and has built an all-IP data strong future proof network with latest 4G LTE technology. It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. The company claims that the network is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.
“Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital India for 1.2 billion Indians and propel India into global leadership in digital economy. It has created an eco-system comprising network, devices, applications and content, service experience and affordable tariffs for everyone to live the Jio Digital Life,” the official release added.