The bond issue, first from India in 2012, was over-subscribed nearly 8 times with order-book aggregating USD 7.8 billion. Also the notes were distributed to high quality fixed income accounts only as 65 per cent were issued to fund managers, 15 per cent to insurance funds, 10 per cent to banks, and 5 per cent to government agencies, thus making it the largest high-grade private issuance in oil and gas sector from Asia.
The proceeds will be used by RIL's US subsidiary to fund capital expenditure towards the exploration and development of shale gas, to refinance existing debt and for general corporate purposes, said RIL in its filing to the BSE.
Bank of America Merrill Lynch, Barclays Capital Plc, Citigroup Global Markets Inc., The Hongkong and Shanghai Banking Corporation Ltd and UBS AG acted as joint book-runners and lead managers to the bond sale.
Commenting over the bond issue, V Srikant, Joint CFO of RIL said “We are delighted to see the strong interest shown by high quality global investors in RIL's credit. The transaction was well executed despite the short-time window and a global volatile scenario".