Moneycontrol PRO
UPCOMING EVENT:Are you 45+? Planning for retirement? We have just the right webinar for you - Planning for Retirement with Life Insurance on 27-Jan, 3pm. Register now!

PFC raises global bond issuance size to $5 billion

"The PFC has updated the existing Global Medium Term Note Programme from $3 billion to $5 billion," it said in a BSE filing.

September 14, 2019 / 05:37 PM IST

State-owned Power Finance Corporation on September 14  said it has increased quantum of funds to be raised via bonds to USD five billion from USD three billion under its Global Medium Term Note Programme.

"The PFC has updated the existing Global Medium Term Note Programme from USD 3 billion to USD 5 billion," it said in a BSE filing.

The company also launched issuances of USD 3 million worth bonds at 3.25 percent due in 2024 and USD 450 million at 3.90 per cent due in 2029 under USD five billion Global Medium Term Note Programme, as per the filing.

It said the Notes (bonds) have been priced on September 5, 2019 and carry a coupon of 3.25 percent and 3.90 percent per annum, respectively, for 5 and 10 years notes, payable semi-annually, in arrears.

Unless previously redeemed pursuant to the terms and conditions, the Notes will mature on September 16, 2024 and September 16, 2029, respectively, and all rupees principal and interest payments will be made in USD.

Close

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. It will be listed on the Singapore Exchange Securities Trading Limited, NSE IFSC and India INX.

The net proceeds from the issuance of 5-year Notes will be applied for on-lending in the power sector and the net proceeds from the issuance of 10-year Notes will be applied for general corporate purposes, it added.
PTI
first published: Sep 14, 2019 05:10 pm
Sections
ISO 27001 - BSI Assurance Mark