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Fairfax-backed IIFL Finance on Friday said it has fully repaid its maiden $400 million dollar-bonds issue due in April 2023 along with interest upon maturity.
The Mumbai-based retail-focussed non-banking financial company (NBFC) had raised $400 million through a medium-term note (MTN) program in February 2020.
Kapish Jain, Group CFO, IIFL Finance, in a statement, said, the company completed all its obligation towards its maiden MTN program, with full payment of $400 million to all its investors, a portion of which was prepaid earlier in fiscal 2023 itself.
“On April 6, Moody’s upgraded IIFL Finance’s credit rating from B2 to B1, retaining ‘stable’ outlook on the company…Moody’s said the upgrade has been driven by factors such as higher share of off-balance sheet loans; further fortifying its asset-light business model and improvement in the company’s key metrics of funding, profitability,” per the statement.
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Earlier this month, IIFL Finance, which had assets under management of ₹57,941 crore as of end December 2022, had secured $100 million in long-term funding, jointly from Export Development Canada (EDC) and Deutsche Bank, the company said.
The company’s consolidated core business segments include home loan, gold loan, digital loan and micro finance loans catering to mostly unbanked and underbanked customers.
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