Power Finance Corporation (PFC) has raised $750 million through issuance of overseas bonds to fund business expansion plans. The bonds have a fixed coupon of 3.95 per cent p.a. and a yield of 4.066 per cent. With this offering, the company becomes the first Indian public sector company to issue senior unsecured $bonds with a tenure of more than 10 years.
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.
PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.
