Rural Electrification Corporation (REC) has launched an issue of $ 400,000,000 3.068 per cent Notes due 2020, priced on December 11, 2017. The Notes will mature on 2020 and all principal and interest payments will be made in US Dollars. The settlement date for the Notes is expected to be December 18, 2017.
The Notes represent direct, unconditional and unsecured obligations of the Issuer and will rank among themselves and all other unsecured obligations of the Issuer. The Notes will be listed on the Singapore Exchange (SGX) and the London Stock Exchange’s International Securities Market (ISM).
The net proceeds from the sale of the Notes will be applied for refinancing the outstanding external commercial borrowings of the Issuer within the ambit of the ECB Guidelines and such other guidelines specified by the Reserve Bank of India.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
