Reliance Jio to raise $2.5 billion overseas loans for buying 5G network gear

Reliance Jio is planning to raise $2.5 billion (about Rs 206 billion) through an offshore syndicated loan to buy 5G network gear from Ericsson and Nokia. To this end, Jio is in talks with the likes of Bank of America, BNP, HSBC and Societe Generale to arrange the overseas loan, which is likely to be priced after adding an estimated 65 basis points over the secured overnight financing rate, a new global rate gauge. Going forward, Jio may even upsize the loans as more banks may join the syndication. Meanwhile, the tenor could range from three to seven years.