IIFL Finance to raise up to $300 mn via dollar-bond market

IIFL-Wealth

Mumbai: IIFL Finance Ltd will soon hit the dollar-bond market to raise up to $300 million, said two people aware of the development.

On Wednesday, the company informed the stock exchanges that it will meet investors across Asia, Europe and West Asia, starting 7 February.

The non-banking financial company (NBFC) has appointed Standard Chartered Bank, investment bank UBS, Dubai-based Emirates NBD Capital Ltd, among others, to advise on the bond sale.

“Depending on the market conditions, the bond offering could be launched as early as Friday,” said one of the persons quoted above.

The lender has been rated Ba3, with a stable outlook, by global ratings agency Moody’s Investors Service and BB- (stable) by Fitch Ratings.

A spokesperson from IIFL Finance could not be reached for a comment until the publication of this story.

The proposed fundraise is part of the lender’s $1 billion medium-term note (MTN) programme. An MTN programme allows an issuer to make multiple bond offerings over a period of time, without seeking regulatory approvals and producing extensive documents for each offer.

Many NBFCs have tapped the dollar-bond market in the last 12 months. These include Shriram Transport Finance Co Ltd, Muthoot Fincorp Ltd, Manappuram Finance Ltd and Indiabulls Housing Finance Ltd.

News Source: livemint

For Enquiry Fill The Form

*Note:- Please provide a valid Email Id to receive OTP from bigprofitbuzz.com.

Facebook Iconfacebook like buttonYouTube IconTwitter Icontwitter follow button