Debt financing
Power Finance Corp secures $1.26 B term loan
Power Finance Corporation (PFC) has raised USD 1.26 Billion. This is the largest-ever foreign currency term loan by an Indian public sector unit (PSU). The transaction was executed through a facility agreement with multiple banks based in GIFT City in Gujarat SBI was the largest lender and a facility agent for the transaction. IDBI, Axis, MUFG, Deutsche and SMBC were the other bankers to the issue.The funds will be used by the company to diversify and expand its operations and to finance assets related to green energy.The floating rate loan, presently at an average rate of 4.21 % per annum, denominated in G3 currencies - USD, EUR, and JPY - has a 5-year tenor.
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