PFC Issues $500 Mn Senior Unsecured USD Bonds for over 10 Yrs

Leading NBFC in power sector Power Finance Corporation Ltd (PFC) has successfully raised USD 500 million on January 29, 2021 through issuance of USD denominated Bonds under Reg S route.

February 02, 2021. By Manu Tayal

Leading NBFC in power sector Power Finance Corporation Ltd (PFC) has successfully raised USD 500 million on January 29, 2021 through issuance of USD denominated Bonds under Reg S route.

These bonds have a fixed coupon rate of 3.35 per cent p.a. which was inside the fair value of PFC’s secondary bonds, and will be matured after a fixed tenure of 10 years on May 16, 2031.

Significantly, this is the longest tenor bond issuance from India since the start of the year.

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

Commenting on the success of bond issuance, RS Dhillon, Chairman and Managing Director of PFC, expressed satisfaction and said 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 confidence of investors in PFC’s business as well as its credit profile and the growth story of Indian Power sector.

Also, 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.

Meanwhile, scrips of the company closed at Rs 118.85 apiece, up 2.02 per cent, from the previous close on the exchange.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.