PFC issues USD 500 million Senior Unsecured USD Bonds for more than 10 years PSU NEWS

The order book amounted to around USD 2.55 billion, achieving an oversubscription of 5.1 times.

 

PFC issues USD 500 million Senior Unsecured USD Bonds for more than 10 years

 

New Delhi: Power Finance Corporation Ltd (PFC), the leading NBFC in the power sector, successfully raised USD 500 million on 29.01.2020 through the issuance of USD denominated Bonds under the ‘Reg S route’ with a fixed maturity of 16.05.2031. 

This is the longest tenor bond issuance from India since the start of the year. The bonds have a fixed coupon of 3.35% p.a. which was inside the fair value of PFC’s secondary bonds.

The order book amounted to around USD 2.55 billion, achieving an oversubscription of 5.1 times. The proceeds from bonds will be utilized in accordance with the external commercial borrowing regulations of the Reserve Bank of India including for on-lending to power sector utilities.

Commenting on the success of bond issuance, Chairman and Managing Director of PFC, Mr. R.S. Dhillon expressed satisfaction that despite the challenging COVID situation being witnessed globally, PFC’s bond offer attracted wide participation from international investors. The deal concluded at very attractive terms, which reflects the confidence of investors in PFC’s business as well as its credit profile and the growth story of the Indian Power sector.



Posted Date :  02-02-21

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