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Under its USD 7 billion Global Medium Term Note ProgrammeREC has priced US$ 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"). The Notes will mature on 01 September, 2026 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be 01 March 2021.
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.
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