Power Finance Corporation raises $500 million via notes

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.

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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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State-owned power giant Power Finance Corporation (PFC) on Friday said it has raised $ 500 million (Rs 3,651 crore) through issuance of notes (bonds) under its $ 5 billion Global Medium Term Note Programme.

“PFC launched issuance of $ 500,000,000 3.35 percent notes due 2031 under the $ 5,000,000,000 Global Medium Term Note Programme,” the company said in a regulatory filing.

The notes have been priced on January 21, 2021 and carry a coupon of 3.35 percent per annum. The settlement date for the notes is expected to be January 29, 2021. 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 US Dollars.

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, it added.