White & Case Advises Chinese Banks on US$1 Billion Financing for Reliance Communications Limited

Global law firm White & Case LLP has advised a consortium of Chinese banks on syndicated secured financing of approximately US$1 billion to Reliance Communications Limited, India's second largest telecoms operator by subscriber numbers. The funds will be used to refinance outstanding Foreign Currency Convertible Bonds (FCCBs) which the company issued in 2007.

This is the largest refinancing of FCCBs by any Indian Corporation to date. The consortium included Industrial and Commercial Bank of China (ICBC), China Development Bank Corporation (CDB) and Export Import Bank of China (China EXIM). The Chairman of Reliance Communications Limited, Mr Anil D. Ambani, personally attended the signing of the deal in Beijing.

Commenting on the deal, partner John Shum said: "This deal builds upon our previous experience of advising Chinese banks and financial institutions on export-credit financings for telecommunications companies such as Reliance. While the purpose of this loan was different, I believe we were mandated because of our familiarity in dealing with such banks and navigating both Chinese and Indian regulatory issues."

Hong Kong-based partner, John Shum, led the deal. He was supported by counsel, Wang Xin and associates, Simran Sandhu and Yao Xingjia.

Advising the banks on Indian law were partners Gayatri Bhandari, Dina Wadia, and Aashit Shah, and associate, Soumitra Majumdar of J. Sagar Associates Mumbai.

(Press Release by White & Case LLP)

Press Release