REC Limited has raised $500 million through issuance of bonds under its $7 billion global medium-term note programme which would be used to finance the power sector. …
The notes will mature on September 1, 2026 and all principal and interest payments will be made in US dollars. The settlement date for the notes is expected to be March 1, 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 (SGX·ST), 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.