REC raises $500 million through bonds

REC Limited has raised $500 million through the issuance of bonds under its $7 billion global medium-term note programme, which would be used to finance the power sector. The notes will mature on September 1, 2026 and all principal and interest payments will be made in US dollars. The settlement date for the notes is expected to be March 1, 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 notes will be listed on the London Stock Exchange, the International Securities Market, the Singapore Exchange, the Global Securities Market of India International Exchange and NSE IFSC.