Power Finance raises global bond issuance size to $5 billion

Our Bureau Mumbai | Updated on September 15, 2019 Published on September 14, 2019

State-owned Power Finance Corporation Ltd (PFC) has updated its existing global Medium Term Note (MTN) Programme from $3 billion to $5 billion.

The company said it has launched issuances of $300 million 3.25 per cent Notes due 2024 and $450 million 3.90 per cent Notes due 2029 under $5-billion global MTN Programme.

The Notes have been priced on September 5, 2019 and carry a coupon of 3.25 per cent and 3.90 per cent per annum, respectively, for five years and 10 years Notes, payable semi-annually, in arrears.

The company, a non-banking financial corporation under the administrative control of the Ministry of Power, said the net proceeds from the issuance of 5-year Notes will be applied for on-lending in the power sector and those from the issuance of 10-year Notes will be applied for general corporate purposes.

“The Notes represent direct, unconditional and unsecured obligations of the Issuer and will rank pari passu among themselves and all other unsecured obligations of the PFC,” the company informed the exchanges.

The Notes will be listed on Singapore Exchange Securities Trading Ltd, NSE IFSC and India INX.

Published on September 14, 2019
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