Working Committee meeting for approval of issuance of up to 2,000 (Two Thousand) secured, rated, listed, redeemable, United States Dollar denominated bonds of face value of USD 10,000 ....
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Satin Creditcare Network's Working Committee has approved the issuance of up to 2,000 secured, rated, listed, redeemable USD-denominated bonds with face value of USD 10,000 each, aggregating up to USD 20 million. The bonds carry a floating coupon of 310 basis points plus 6-month Term SOFR and will be issued on a private placement basis. The bonds have a tenure of 36 months with deemed allotment on May 27, 2026 and maturity on May 28, 2029. The issuance is secured by a first-ranking charge over identified book debts and loan receivables with a security cover of 1.05x. The bonds will be listed on NSE IFSC (NSE IX) and/or India International Exchange (IFSC).
The company is raising USD 20 million through a foreign currency bond issuance, which provides funding for its microfinance lending operations. The 1.05x security cover indicates adequate asset backing, and the floating rate structure ties coupon costs to market rates.