PFC raises USD 750 mn through overseas bonds

State-run Power Finance Corporation Ltd (PFC) on Friday said it has raised USD 750 million through issuance of overseas bonds to fund business expansion plans.

"PFC, the leading NBFC in power sector, successfully carried out the issuance of 10.25 year USD 750 million bonds on January 15 2020 under Reg S & 144 A route. The bonds have a fixed coupon of 3.95 per cent p.a. and a yield of 4.066 per cent. With this offering, PFC becomes the first Indian public sector company to issue senior unsecured USD bonds with a tenure of more than 10 years," it said
PFC Chairman and Managing Director Rajeev Sharma said, "PFC's bond offer saw a strong demand in the international market and the global investors have chosen to contribute to the development of Indian power sector. The deal concluded at very attractive terms, which shows the high confidence of investors in PFC's business as well as its credit profile and the growth story of Indian Power sector."