By Rebecca Melvin
New York, Dec 11 – India state-owned Rural Electrification Corp. Ltd. priced $400 million of 3.068% three-year notes (ratings: Baa3//BBB-) at par on Monday to yield U.S. Treasuries plus 115 basis points, according to a market source.
ANZ, Barclays, Mizuho Securities and MUFG were 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 external commercial borrowings in compliance with Indian regulations for issuers tapping international markets.
Based in New Delhi, Rural Electrification is a financer and promoter of rural electrification projects.
| Issuer: | Rural Electrification Corp. Ltd.
|
| Issue: | Notes
|
| Amount: | $400 million
|
| Maturity: | Dec. 18, 2020
|
| Bookrunners: | ANZ, Barclays, Mizuho Securities and MUFG
|
| Coupon: | 3.068%
|
| Price: | Par
|
| Yield: | 3.068%
|
| Spread: | U.S. Treasuries plus 115 bps
|
| Change-of-control put: | 100%
|
| Pricing date: | Dec. 11
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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