New Delhi

State-ownedPower Finance Corporation (PFC) on Friday said it has raised $300 million through bonds carrying floating interest rates. The net proceeds from the issuance of these Notes will be used in accordance with the external commercial borrowing guidelines of the Reserve Bank of India, an exchange filing said.

According to the filing, the PFC has priced a transaction of $300,000,000 Floating Rate Notes due 2029 under its $8,000,000,000 Global Medium Term Note Programme having a maturity of 3 years and coupon of 0/N SOFR + 110 bps per annum payable quarterly in arrears on each Interest Payment Date i.e. 16th October, 16th January, 16th April and 16th July.

The settlement date for the Notes is expected to be 16th July 2026. Unless previously redeemed pursuant to the terms and conditions of the Notes, the Notes will mature on 16th July, 2029 and principal and interest payments will be made in US Dollars.

The Notes represent direct, unconditional and unsecured obligations of the PFC and will rank pari passu among themselves and all other unsecured obligations of the Issuer. The Notes will be listed on NSE IFSC and India INX, it stated.