REC's loan gets commitments from five; Middle Eastern lender to join HPCL $300m

electricity pylons at sunset px230 for gc
By Shruti Chaturvedi
30 Sep 2014

Five lenders have committed to join Indian company Rural Electrification Corp’s $170m loan. The transaction is the greenshoe portion of a larger borrowing. Funds for the original $230m have already been provided by the six bookrunners and mandated lead arrangers, which are syndicating the greenshoe on a best efforts basis.

Besides the five that have committed, seven to eight more lenders are in the process of obtaining credit approvals for the fundraising, said a banker. The total subscription once the additional banks come in will go up to about $200m, he added.

The banker declined to provide the ...

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