REC raised $400 million through dollar bonds

January 30, 2018

The Rural Electrification Corporation (REC) has raised $400 million by issuing dollar bonds on the London Stock Exchange. The bond issue has been priced at 115 basis points over the three-year US Treasury rate and the amount raised has been earmarked for refinancing REC’s existing external commercial borrowings. The public sector undertaking (PSU) had previously raised green bonds of $450 million in July 2017 and this marks REC’s second international bond transaction during the year.