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State-run PFC on Friday said that it successfully closed the issuance of the largest-ever foreign currency term loan from an Indian PSU amounting to $1.265 billion.
This landmark transaction was executed through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar.
The loan will be deployed towards financing assets other than thermal generation projects, furthering PFC’s strong commitment to decarbonisation and the transition to green energy.
The multi-currency funding will enable PFC to expand its operations, enhance its market presence, diversify its funding sources and maintain a competitive edge.
The floating rate loan, presently at an average rate of 4.21 per cent per annum, denominated in G3 currencies — USD, EUR, and JPY— has a 5-year tenor and is linked to external benchmark rates such as SOFR for USD, EURIBOR for EUR, and TONA for JPY.
SBI, IDBI, Axis, MUFG, Deutsche and SMBC were the bankers to the issue with SBI being the largest lender and also acting as facility agent for this transaction.
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