Power Finance Corporation (PFC) has raised $500 million through the issuance of dollar-denominated bonds under ‘Reg S route’ with a fixed maturity of May 16, 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 percent per annum which was inside the fair value of PFC’s secondary bonds.
The order book amounted to around $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.
PFC is central PSU under Ministry of Power and India's leading NBFC.
