Power Grid Corp of India Plans $500 Million, 10-Year Bond – Term Sheet

Power Grid Corp. of India Ltd. plans to raise $500 million by selling 10-year unsecured bonds, according to a term sheet seen by Dow Jones Newswires.

The fixed-rate Reg S notes have an initial price guidance of 245 basis points over comparable U.S. Treasurys, the term sheet shows. Reg S bonds don’t need to be registered with the U.S. Securities & Exchange Commission.

The bonds are to be listed in Singapore.

The issue by Power Grid has a rating of BBB- / Negative by Standard & Poors and Fitch Ratings.

Barclays, The Royal Bank of Scotland and Standard Chartered Bank are the joint bookrunners for the issue.