India’s Reliance Industries has tapped the market for a US$1.75bn syndicated loan.

The finance will be used for capex and new projects in the refining and petrochemicals business. It comes in two tranches: a US$1.2bn portion to service current multi-currency debt and US$550mn for new facilities.

Tranche one has a five-year tenor, with the smaller tranche coming with a seven-year tenor. The second tranche has the longest maturity of any similarly-sized, unsecured Asian syndicated loan this year. Reliance also says it’s the largest unsecured syndicated loan by an Indian company with a five-year or more tenor in three years.

Tranche one is priced at Libor plus 1.45%, with the second priced at Libor plus 1.63%.

There are 19 mandated lead arrangers (MLAs) on the syndicate: ANZ, Bank of America Merrill Lynch, Barclays, Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citigroup, Commonwealth Bank of Australia, Crédit Agricole, DBS Bank, DNB Asia, HSBC, Mizuho Bank, RBS, Standard Chartered, State Bank of India, Sumitomo Mitsui Banking Corporation, United Overseas Bank and Westpac.

Alok Agarwal, Reliance CFO, says: “Reliance continues to set new records in terms of competitive pricing and size of the deals in spite of turmoil in the Indian markets. In fact, this is a reaffirmation of confidence that the international banking community still has in India.”