Power Finance Corporation secures $500 mn through notes

Power Finance Corporation (PFC) has raised $500 million through the issuance of notes.

In a filing with the exchange, PFC said, “It launched the issuance of $500,000,000 3.35 percent notes due 2031 under the U.S.$5,000,000,000 Global Medium Term Note Programme.” 

“The Notes have been priced on 21st Jan 2021 and carry a coupon of 3.35% per annum payable in arrear on each Interest Payment Date. The settlement date for the Notes is expected to be 29th January 2021,” the filing said.

“Unless previously redeemed pursuant to the terms and conditions of the Notes, the Notes will mature on May 16, 2031, and principal and interest payments will be made in U.S. Dollars,” it added.

“The Notes represent direct, unconditional, and unsecured obligations of the PFC and will rank pari passu among themselves and all other unsecured obligations of the Issuer. The Notes will be listed on the Singapore Exchange Securities Trading Limited, NSE IFSC, and India INX. The net proceeds from the issuance of these Notes will be utilized in accordance with the external commercial borrowing regulations of the Reserve Bank of India,” PFC said