Power Finance raises global bond issuance size to $5 billion
State-owned Power Finance Corporation Ltd (PFC) has updated its existing global Medium Term Note (MTN) Programme from $3 billion to $5 billion.
The company said it has launched issuances of $300 million 3.25 per cent Notes due 2024 and $450 million 3.90 per cent Notes due 2029 under $5-billion global MTN Programme.
The Notes have been priced on September 5, 2019 and carry a coupon of 3.25 per cent and 3.90 per cent per annum, respectively, for five years and 10 years Notes, payable semi-annually, in arrears.
The company, a non-banking financial corporation under the administrative control of the Ministry of Power, said the net proceeds from the issuance of 5-year Notes will be applied for on-lending in the power sector and those from the issuance of 10-year Notes will be applied for general corporate purposes.
