PFC Raises $300 Million via US Dollar Notes Due 2029

New Delhi, July 10, 2026: Power Finance Corporation (PFC) has successfully priced a US$300 million Floating Rate Notes (FRNs) issuance under its US$8 billion Global Medium Term Note (GMTN) Programme, further strengthening its access to international capital markets. The bonds will mature on July 16, 2029, with the proceeds earmarked for financing activities in accordance with the Reserve Bank of India's External Commercial Borrowing (ECB) guidelines.

The transaction highlights PFC's continued efforts to diversify its funding sources while supporting India's growing power and infrastructure financing needs.

Three-Year Dollar Bonds Issued Under GMTN Programme

The latest issuance comprises US$300 million of Floating Rate Notes with a three-year maturity. The notes carry a floating coupon of Overnight SOFR + 110 basis points per annum, with interest payable quarterly.

The expected settlement date for the issue is July 16, 2026, and unless redeemed earlier in accordance with the terms of the issue, the notes will mature on July 16, 2029. Both the principal and interest payments will be made in U.S. dollars.

Notes to Be Listed on International Exchanges

PFC said the notes represent direct, unconditional and unsecured obligations of the company and will rank pari passu with all of its other unsecured obligations.

The bonds will be listed on NSE IFSC and India INX, providing international investors with access to the issue through India's global financial exchanges.

Funds to Support Financing Activities

According to the company, the net proceeds from the bond issue will be utilized in compliance with the Reserve Bank of India's External Commercial Borrowing (ECB) guidelines.

As one of India's leading infrastructure finance companies, PFC is expected to deploy the funds towards financing projects across the power and infrastructure sectors, supporting investments in generation, transmission, distribution and renewable energy.

Strengthening Global Fundraising Strategy

The successful pricing of the transaction reflects PFC's established presence in overseas debt markets and continued investor confidence in the company's credit profile.

PFC has regularly tapped both domestic and international markets to secure long-term funding, enabling it to finance large-scale infrastructure projects critical to India's energy and economic development.

About Power Finance Corporation

Power Finance Corporation Limited is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, Government of India. The company is one of India's largest infrastructure finance institutions, providing financial assistance to projects in the power, renewable energy and infrastructure sectors.

Bond Issue at a Glance