REC raises $75 mn term loan from Sumitomo Mitsui Banking Corporation
State-run REC on Wednesday said that it has raised a USD 75 million (about Rs 561 crore) term loan from Sumitomo Mitsui Banking Corporation (SMBC).
The proceeds from this facility shall be utilised to fund power sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India (RBI).
“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,” a company statement said.
