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Leading infrastructure finance company REC Ltd on Tuesday said, “It has raised $500 million through the issuance of notes under its $7 billion Global Medium Term Note Program.”
In a filing with the exchange, the company said, “REC Limited has priced $500,000,000, 2.25 percent notes due 2026 on February 22, 2021, under its $7 billion global medium-term note program. The notes will mature on 1st September 2026, and interest payments will be made in US dollars. The settlement date for the notes is expected to be 1st March 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 filing said.
“The note will be listed on London Stock Exchanges’ International Securities Market (ISM), Singapore Exchange (SGXSI), Global Securities Market of India International Exchange (India INX), and NSE IFSC,” REC Ltd said.
Adding to the filing, the company said, “The net proceeds from the sale of the notes will be applied for lending to the power sector in accordance with the External Commercial Borrowing Regulations and directors of the Reserve Bank of India.”