REC turns to US for $700m in first 144A trade

By Morgan Davis
01 Nov 2018

India’s Rural Electrification Corp pushed into the US market on Wednesday with its first 144A deal, to diversify its investor base. The power financing company decided to keep the $700m deal to one tranche and opted to leave some premium for investors.

State-owned REC began a global roadshow earlier this month, eying a five and/or 10 year bond sale. The company, which has a couple of outstanding dollar bonds, decided to expand its investor base with the new transaction, choosing to issue a debut 144A deal.

“It’s a ...

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