PFC issues $500 million senior unsecured USD bonds for over 10 years

Power Finance Corporation Limited (PFC) has raised $500 million through issuance of USD denominated bonds under Reg S route with a fixed maturity of May 16, 2031. …

The bonds have a fixed coupon of 3.35 per cent per annum which was inside the fair value of PFC’s secondary bonds. This is the longest tenor bond issuance from India since start of 2021. 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. Further, the PFC’s order book amounted to around $2.55 billion, achieving an oversubscription of 5.1 times.

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