PFC raises USD 300 mn via bonds carrying floating interest rates

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Power Finance Corporation raised USD 300 million through Floating Rate Notes under its USD 8 billion Global Medium Term Note Programme. The notes carry a 3-year maturity (due July 2029), a coupon of overnight SOFR plus 110 basis points payable quarterly, and will be listed on NSE IFSC and India INX. Proceeds will be used in line with RBI's external commercial borrowing guidelines.