PFC raises $500 mn via notes

State-owned power giant Power Finance Corporation (PFC) on Friday said it has raised USD 500 million (Rs 3,651 crore) through issuance of notes (bonds) under its USD 5 billion Global Medium Term Note Programme.

"PFC launched issuance of USD 500,000,000 3.35 per cent notes due 2031 under the USD 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 per cent 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.