India's IIFL Finance eyes second dollar bond sale in under a month, bankers say
- IIFL Finance raised $500 million through a sale of bonds maturing in three years and three months at a coupon of 7.60%
MUMBAI: Indian gold loan financier IIFL Finance plans to raise $300 million through a four-year dollar bond sale, its second such fundraise in less than a month, two merchant bankers said on Thursday.
The non-banking finance company has set initial price guidance at about 7.85% for the issue, which will mature in four years, the bankers added, requesting anonymity as they are not authorised to speak to the media.
IIFL Finance did not reply to a Reuters email seeking comment.
The coupon on the issue is expected to be finalised by the end of Friday, the bankers added.
India’s IIFCL plans $1 billion loan; in talks for $400 million ADB funding
In early June, IIFL Finance raised $500 million through a sale of bonds maturing in three years and three months at a coupon of 7.60%.
The latest fundraise would help the non-bank lender diversify its sources of funding, as it aims to increase the share of external borrowings to 20% from around 13% currently.
The notes are secured against the issuer’s receivables and assets. The proceeds will be used for lending and business growth, in line with the company’s social finance framework.
Comments