Business Letter writing

[Unregistered]

While writing a business letter, are the following sentence formations correct?

1. "This is in reference with our letter dated ------ regarding working capital facilities of USD ----- M"

2. "Non compliance to the covenants will attract penal rate of interest of ----pct above the contracted rate."

[Anglika]

While writing a business letter, are the following sentence formations correct?

1. "This is in reference with our letter dated ------, regarding working capital facilities of USD ----- M"

2. "Non-compliance with the covenants will attract a penal rate of interest of ----pct above the contracted rate."

With minor changes, yes.