REC issues USD 500 million notes

REC issues USD 500 million notes

FPJ Web DeskUpdated: Wednesday, May 13, 2020, 02:53 PM IST
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State-run REC has issued USD 500 million notes at the interest rate of 4.75 per cent which is due in 2023, the company said in BSE filing.

The settlement date for the notes is expected to be May 19, 2020, and the maturity date for the notes is May 19, 2023. The finance company said that all principal and interest payments will be made in US Dollars.

The notes will be listed on the London Stock Exchange’s International Securities Market (ISM), Singapore Exchange (SGX-ST), 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.

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.

In December last year, REC Ltd had raised USD 500 million by issuing unconditional and unsecured notes (bonds) for lending to the power sector. In July 2019, the company raised about USD 650 million via offshore bonds.

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