(ET)
Power Finance Corporation Ltd (PFC) on Friday said it raised $750 million through issuance of dollar-denominated bonds. The company carried out the issuance of 10.25 year $750 million bonds on under Reg S & 144 A route. The bonds have a fixed coupon of 3.95 per cent per annum and a yield of 4.066 per cent, an official statement said.
It said PFC is the first Indian public sector company to issue senior unsecured USD bonds with a tenure of more than 10 years.The final order book amounted to more than $2.2 billion, attracting active and wider participation from investors across US, European and Asian markets, with around 42% participation from the US market.The proceeds from bonds will be utilised in accordance with the external commercial borrowing regulations of the Reserve Bank of India including for on lending to power sector utilities.
