Cyril Amarchand Mangaldas advised the Arrangers and dealers to the existing USD 7 billion global Medium Term Note programme (MTN Programme) of REC Limited, namely, BNP Paribas, DBS Bank Limited, MUFG Securities Asia Limited, State Bank of India (London Branch) and Standard Chartered Bank (collectively the “Dealers”), on the annual update to the MTN Programme.
The net proceeds from each issue of the Notes under the MTN Programme are to be used by REC Limited to finance the power infrastructure projects in India, or to refinance existing borrowings extended to such projects in accordance with the approvals granted by the RBI from time to time, and in accordance with the ECB Guidelines.
The Capital Markets Practice of Cyril Amarchand Mangaldas advised the Merchant Bankers on the matter. The team was led by Gokul Rajan, Partner & Regional Head Markets Practice (North); with support from Chinar Gupta, Associate; and Iti Mishra, Associate.
REC Limited’s MTN Programme is listed at the Singapore Exchange Securities Trading Limited, the London Stock Exchange’s International Securities Market (ISM), the India International Exchange (IFSC) Limited, and the NSE IFSC Limited, by way of offering circular dated 8 September 2022.
Other Parties and Advisors to the transaction included REC Limited (Issuer); Allen & Overy (asia) Pte Ltd (acted as International legal counsel for REC Limited); and Linklaters Singapore Pte. Ltd (acted as International legal counsel for Dealer).
The update of the MTN Programme completed on 09th September, 2022.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
