India’s Rural Electrification launches $400 million three-year notes at Treasuries plus 115 bps

By Rebecca Melvin

New York, Dec 11 – Rural Electrification Corp. Ltd. launched $400 million of three-year notes (expected ratings: Baa3//BBB-) on Monday to yield U.S. Treasuries plus 115 basis points, according to a market source.

Final pricing was expected later Monday.

ANZ, Barclays, Mizuho Securities and MUFG are the joint bookrunners for the Regulation S notes.

The notes have change-of-control protection at 100% if the Indian government ceases to own more than 50% of the voting securities of the issuer.

Proceeds from the notes will be used for refinancing of external commercial borrowings in compliance with standard regulations in India for issuers tapping international markets.

Rural Electrification is a New Delhi financer and promoter of rural electrification projects.

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