India’s REC mandates banks ahead of benchmark dollar bond sale

By Paul A. Harris

Portland, Ore., Oct. 23 – REC Ltd., formerly known as Rural Electrification Corp., mandated Barclays, Citigroup, HSBC, JPMorgan, MUFG and Standard Chartered Bank to arrange meetings with fixed income investors ahead of an anticipated benchmark dollar-denominated bond offering, according to a market source.

Meetings were scheduled to get underway on Tuesday in Asia, Europe and the United States.

A Rule 144A and Regulation S offering of five-year and/or 10-year notes, to be issued under a global medium-term notes program, may follow, pending market conditions.

The prospective issuer is a public infrastructure finance company in India’s power sector and is based in New Delhi, India.

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