By Taylor Fox
New York, March 1 – REC Ltd. priced $500 million of 2¼% senior notes due Sept. 1, 2026 at 99.728, according to a term sheet.
Barclays Bank plc, Hongkong and Shanghai Banking Corp. Ltd., MUFG Securities Asia Ltd. and Standard Chartered Bank are the lead managers and bookrunners for the Regulation S deal.
The series 8 tranche 1 notes were issued under the company’s $7 billion global medium-term note program.
Formerly Rural Electrification Corp. Ltd., REC is a public infrastructure finance company based in New Delhi.
| Issuer: | REC Ltd.
|
| Issue: | Senior notes, series 8 tranche 1
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2026
|
| Bookrunners: | Barclays Bank plc, Hongkong and Shanghai Banking Corp. Ltd., MUFG Securities Asia Ltd. and Standard Chartered Bank
|
| Coupon: | 2¼%
|
| Price: | 99.728
|
| Call option: | No
|
| Put option: | No
|
| Pricing date: | Feb. 22
|
| Issue date: | March 1
|
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