PFC is the 1st indian public sector company PSU NEWS

 

New Delhi: PFC is the 1st Indian Public Sector Company to issue Senior Unsecured USD Bonds for a tenor of more than 10 years PFC, the leading NBFC in power sector, successfully carried out the issuance of 10.25 year USD 750 million bonds on 15th January 2020 under Reg S & 144 A route. The bonds have a fixed coupon of 3.95% p.a. and a yield of 4.066%. With this offering, PFC becomes the first Indian Public Sector Company to issue senior unsecured USD bonds with a tenure of more than 10 years.
 
This is also PFC’s third international bond issuance in FY 19-20 as well as PFC’s largest single tranche bond. The final order book amounted to more than USD 2.2 billion, attracting active and wider participation from investors across US, European and Asian markets, with around 42% participation from the US market.
 
The proceeds from bonds will be utilised in accordance with the external commercial borrowing regulations of the Reserve Bank of India including for on lending to power sector utilities.With this issue, under the PFC borrowing programme of USD equivalent 12 billion for FY 19-20, the total foreign currency raising stands at around USD 3 billion, while the domestic raising is at around USD equivalent 7 billion.
 
Commenting on the success of bond issuance, Chairman and Managing Director of PFC, Mr. Rajeev Sharma states that I am happy that PFC’s bond offer saw a strong demand in the international market and the global investors have chosen to contribute to the development of Indian Power Sector. The deal concluded at very attractive terms, which shows the high confidence of investors in PFC’s business as well as its credit profile and the growth story of Indian Power sector.


Posted Date :  17-01-20

Categories : PSU NEWS

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