Reliance Comm Loans Said to Be Indicated at Low to Mid 70 Cents
- Company’s bond and loan prices showing at similar levels
- Loan price indications emerge after trauma of recent weeks
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Prices on three of Reliance Communication Ltd.’s loans totaling $2.33 billion have been indicated in the mid- to low-70 cents on the dollar level, as the Indian telecommunications company’s bond and stock prices tumble while it scrambles to sell its tower business to repay debt.
Two term loans for $1.33 billion and $925.2 million, plus a $75 million capital spending facility were indicated at this level, according to people familiar with the matter, adding that there have been no trades or offers on this bank debt recently. Reliance Communications’ $300 million 2020 bonds slumped to 71.3 cents Thursday from around 101 cents on May 19, while its stock plunged 38 percent since then to a record low.