REC raises $400 million via dollar bonds in London

State-run Rural Electrification Corp on Wednesday said it has raised $400 million through Dollar Bonds in London on December 11.

"The REC concluded a $400 million Reg S bonds deal in London on December 11, 2017," an REC statement said.

According to the statement, the bond is priced at 115 basis points over three years US Treasury and is for refinancing the existing ECB, being first of its kind by any Indian PSU.

The equivalent pricing of 6M Libor plus 83bps spread is the best for any Indian PSU in the last decade. REC priced its bond at the tighter end of the pricing guidance, highlighting a strong appetite from investors, it said.

This is the second international bond transaction by REC this year. The company had successfully raised green bonds of  $450 million in July this year, it added.