Author: hueycape541
REC Limited closes US$75million SOFR linked Term Loan with Sumitomo Mitsui Banking Corporation (SMBC)
In a first for any NBFC in India, REC Limited has successfully raised a USD 75 million, 5-year Secured Overnight Financing Rate (“SOFR”) linked Syndicated Term Loan on October 7, 2021, with Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch appointed as the sole Mandated Lead Arranger and Bookrunner. Along with the loan, REC has also entered into interest rate swap referencing SOFR to hedge the interest rate risk on this facility, which is the first such deal by any Corporate in India. The proceeds from this facility shall be utilized to fund infrastructure power sector projects as permitted under the ... Read more