Business Economy


PFC secures largest-ever foreign currency term loan of USD 1.265 billion

New Delhi, Oct 4 (UNI) State owned NBFC in the power sector PFC on Friday said it has successfully closed issuance of largest-ever foreign currency term loan from an Indian PSU amounting to USD 1.265 billion.
This landmark transaction was executed through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar.
The loan will primarily be deployed towards financing assets other than thermal generation projects, furthering PFC's strong commitment to decarbonization 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, Ministry of Power said in a statement.
The floating rate loan, presently at average rate of 4.21% 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 & SMBC were the bankers to the issue with SBI being the largest lender and also acting as facility agent for this transaction, the ministry said.
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