Debt financing
NBFC Piramal Finance raises $400-M via ECB
Mumbai-based non-banking financial company (NBFC) Piramal Finance Ltd has raised USD 400 million through an external commercial borrowing (ECB) package from a consortium of global and domestic lenders.The lenders include Deutsche Bank AG, Sumitomo Mitsui Banking Corp (SMBC), Axis Bank, DBS Bank, and Far Eastern International Bank. The facility has a tenor of 42 months and has been priced at about the secured overnight financing rate of +175 basis points, excluding fees.The company intends to use the new funds to diversify its funding sources and secure cost-effective capital. The company expects international markets to constitute 18-20% of its borrowings over the next 2-3 years.
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