REC Ltd proposes issuance of notes under its Global Medium Term Note Programme

New Delhi: State-owned REC Limited in a regulatory filing on Monday said that it had issued the Preliminary Note Offering Circular dated February 16, in relation to proposed issuance of Notes by the Company under its existing USD 7,000,000,000 Global Medium Term Note Programme.

"In this regard, the Company, rated Baa3 (Stable)/ BBB·(Stable) by Moody's/ Fitch, has mandated Barclays Bank PLC, DBS Bank Limited, MUFG Securities Asia Limited, Standard Chartered Bank and State Bank of India, London Branch as Joint Lead Managers and Joint Book Runners to arrange a series of fixed income investor meetings and conference calls in Asia, Europe and USA commencing February 21," said the filing.

Notes will be issued under REC Limited Green Finance Framework

Further, the filing stated, "A benchmark sized USD denominated Rule 144A / Regulation S long-term, five-year senior green notes offering (the "Notes"), under the Company's Global Medium Term Note Programme, may follow subject to market conditions. The Notes will be issued under REC Limited Green Finance Framework. Further, KPMG India has provided a limited pre-issuance assurance report dated February 10, 2023 in respect of the Notes."

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