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Mukesh Ambani- owned Reliance Jio Infocomm has signed a $1 billion term loan facility with Korea Trade Insurance Corporation ("K-SURE") to finance goods and services procured mainly from Samsung Electronics and Ace Technologies Corp.
"Reliance Jio Infocomm Limited ("RJIL") has signed a $ 1 billion equivalent term loan facility covered by Korea Trade Insurance Corporation ("K-SURE") on 22nd June (the "Facility"). The Facility will be used to finance goods and services procured primarily from Samsung Electronics and Ace Technologies Corp," said the telco a statement on Monday.
The operator said that the facility has a door to door tenor of 10.75 years and it will be K-SURE's largest deal in India as well as the largest deal supported by K-SURE in the telecom sector globally.
This will be the fourth K-Sure covered facility for the Reliance group in the last five years and the second one for Jio in past three years.
The Facility was arranged by Australia and New Zealand Banking Group Limited and the Hongkong and Shanghai Banking Corporation Limited.
In addition, it saw participation from the following banks - BNP Paribas; Commerzbank AG; Citibank N.A.; ING Bank; JPMorgan Chase Bank, N.A.; Mizuho Bank, Ltd.; MUFG Bank, Ltd., and Banco Santander, S.A.
For the unaware Jio has raised JPY 53.5 billion ($500 million) as Samurai Term Loan with seven-year bullet maturity (the "Facility") in April this year and the Facility is guaranteed by Reliance Industries Limited and will be used for funding RJIL's ongoing capital expenditure.
This deal represents the largest samurai loan for an Asian corporate, the statement said.
"The facility has been fully underwritten by Mizuho Bank, Ltd., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (SMBC) Singapore branch and will be shortly launched into syndication," RJIL earlier said.
Reliance Industries Limited ("RIL") has also executed definitive agreements to acquire majority shareholding constituting 72.69 percent (on fully diluted basis) from existing investors of Individual Learning Pvt Ltd ("Embibe"), a leading AI-based education
platform leveraging data analytics to deliver personalized learning outcomes to each student.