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State-run REC raises $500 million through issuance of notes

The firm has raised the money through issuance of notes (bonds) under its $7 billion Global Medium Term Note Programme which would be used to finance the power sector

REC | Bonds | Markets

Press Trust of India  |  New Delhi 

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State-run Ltd on Tuesday said it has raised USD 500 million through issuance of notes (bonds) under its USD 7 billion Global Medium Term Note Programme which would be used to finance the power sector.

"Limited has priced USD 500,000,000, 2.25 per cent Notes due 2026, on 22 February, 2021 under its USD 7 billion Global Medium Term Note Programme.... The Notes will mature on 1st September 2026 and all principal and interest payments will be made in US dollars. The settlement date for the Notes is expected to be 1st March 2021," a BSE filing said.

The Notes represent direct, unconditional and unsecured obligations of the issuer and will rank pari passu among themselves and all other unsecured obligations of the Issuer.

The Notes will be listed on London Stock Exchange's International Securities Market (ISM), Singapore Exchange (SGXST), Global Securities Market of India International Exchange (India INX) and NSE IFSC.

The net proceeds from the sale of the Notes will be applied for lending to the power sector in accordance with the External Commercial Borrowings Regulations and directions of the Reserve Bank of India, it stated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, February 23 2021. 19:39 IST