IIFL Finance Explores Global Markets with $325 Million Bond Issue
IIFL Finance, a non-bank lender, raised $325 million through international bonds to diversify funding sources and support growth. Despite past RBI restrictions, the company capitalized on strong demand, securing investments globally. The bonds, with an 8.75% coupon rate, are set for a three-and-a-half-year term.
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- Country:
- India
IIFL Finance, a prominent non-bank lender, has successfully raised $325 million by issuing international bonds, marking an important strategic move for the city-based company.
The company will offer an 8.75% coupon rate for the bonds, which have a tenor of three-and-a-half years. This move follows the lifting of RBI restrictions on IIFL's gold financing business in September 2024.
The issuance attracted global interest, with a peak demand of $1.15 billion, and was rated B+ by S&P and Fitch with a stable outlook. Asia accounted for 20% of allocations, while Europe, the Middle East, and Africa secured 25%, and the US took a 54% share.
(With inputs from agencies.)