REC Limited successfully raises USD 500 million

REC Ltd successfully raised USD 500 million 5.5-year Reg-s only bond issued under its Global Medium Term Programme of USD 7 billion. Proceeds of the bond will be used to finance power projects in accordance with the approvals granted by RBI from time to time and in accordance with ECB Guidelines. This is REC Ltd’s 8th venture into international bond market. The 5.5 year benchmark has a semiannual coupon of 2.25% per annum and a maturity date of September 1, 2026, which is the most tightly priced bond from India NBFI space in 5 year tenor bucket.