Jio to raise $1.5 billion through offshore syndicated loan

Reliance Jio is reportedly in talks with global banks to raise around $1 billion-$1.5 billion through an offshore syndicated loan to buy 5G network gear from Ericsson. The telco intends to leverage these funds to expedite the nationwide deployment of next-generation mobile broadband services by December 2023.
Global lenders such as JPMorgan Chase, Citi, and HSBC are set to arrange around 3-5 year loans for Jio which is likely to be priced above the secured overnight financing rate (SOFR). The pricing of the loans could be around 100-150 basis points above the SOFR.