REC Raises $300 Million Through Dollar Bond

REC Raises $300 Million Through Dollar Bond

State-owned infrastructure financecompany in the power sector – Rural ElectrificationCorporation (REC) – today announced it has raised $300 million through Dollar bonds that are bought and sold outside of the United States.

The company said the 10-year Regulation-S bonds were priced at a coupon of 4.625 per cent. “The bond issuance has received an overwhelming response with order book of more than $900 million. The net proceeds will be used for the country’s power sector development,” REC said in a statement.

The rural electrification financing company had last year raised $400 million through a dollar bond priced at 115 basis points over three years US Treasury. It was concluded on 11 December 2017 in London. Read More…

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