Reliance Communications, the fourth largest telecom operator has raised USD 300 million from global investors by selling 5.5 year dollar debt at 6.5%.

“The company has launched, closed and priced the issue of Notes on April 27, 2015. The Notes have a tenor of 5-1/2 years due in 2020 and carry a coupon of 6.5 per cent per annum, payable semi annually. The Notes are expected to be settled by May 6, 2015. The Notes will be listed on the Singapore Stock Exchange,” Reliance Communications said in a statement. “RCom has priced its USD 300-million dollar bond issue at 6.5 per cent.”

“The bonds snapped up by investors from across Asia, Europe and Middle East,” Jujhar Singh, Managing Director & Co-Head of High Yield Product Group at Standard Chartered Capital Markets said. He added that this is the first dollar bond issuance by Anil Ambani run company and also the first by a domestic telco to use the proceeds onshore.

“This is the largest sub-investment grade bond issuance till date in 2015, and paves the way for more such issuances from India.”