BRIEF-REC says to make NOK 4 bln rights issue

OSLO, March 31 (Reuters) - Renewable Energy Corporation ASA:

* REC replaces existing syndicated credit facilities and issues new equity

* REC says credit lines of NOK 15.5 billion to be replaced by guarantee

facilities of NOK 10 billion and a NOK 4 billion fully underwritten equity rights issue

* Rec says the new financing will improve the financial covenants to

fit ongoing investment program, better align the installment profile to expected cash flows and reduce the number of banks in the syndicated credit facilities

* Rec says the rights issue is, subject to certain conditions, fully

underwritten by rec's main shareholders

(Reporting by Oslo newsroom)

([e-mail]; [phone]; Reuters messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.