MUMBAI (Reuters) - Indian state-run lender Rural Electrification Corp (REC) is negotiating with U.S. insurer Aflac Inc for a $200 million loan, a senior company official said on Monday.
The loan is part of a $500 million overseas borrowing plan of the company, H.D. Khunteta, REC's Finance Director told Reuters over telephone.
"We are likely to get an offer from Aflac. They are more or less agreeable," he said.
Khunteta said company officials plan to visit the United States to discuss the loan with Aflac, the world's largest seller of supplemental disability insurance, and would also meet other U.S. investors to sell $300 million through bonds.
"We have approached the Ministry of Power to give permission to visit the U.S. for detailed discussions with Aflac and meet investors for another $300 million through private placement of bonds," he said.
"It will be a 12-year direct loan at a fixed rate of around 4.25 percent linked to six-month Japanese Libor ," he said, adding the company planned to use the funds to lend to its clients.
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