REC raises five year loan of USD75 million from SMBC

REC Limited has raised a USD75 million, 5-year secured overnight financing rate (SOFR) linked syndicated term loan with Sumitomo Mitsui Banking Corporation (SMBC) , Singapore Branch appointed as the sole mandated lead arranger and bookrunner

REC has also entered into interest rate swap referencing SOFR to hedge the interest rate risk on this facility. This is the first such deal by any corporate in India. The proceeds from this facility will be utilised to fund infrastructure power sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India.

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