ZBA, Linklaters advise on PFC bond issue

ZBA, Linklaters advise on Power Finance Corporation bond issue

ZBA advised Power Finance Corporation when it recently raised US$500 million through a foreign currency bond issue. Linklaters Singapore advised the three joint lead managers to the issue.

The issue was priced on 21 January and carries a coupon of 3.35% per annum. The bonds were issued on 29 January.

ZBA’s team comprised partner Niloufer Lam, and associates Mihir Shukla and Anuttam Mahapatra. Linklaters’ team was led by partner Amit Singh.

Power Finance Corporation, listed on the BSE and National Stock Exchange of India (NSE), told the exchanges that the bonds “represent direct, unconditional and unsecured obligations of PFC, and will rank pari passu [on an equal footing] among themselves and all other unsecured obligations of the issuer”.

The bonds, which are due in May 2031, were issued under Power Finance Corporation’s US$5 billion global medium-term note programme. They are listed on the Singapore stock exchange, and on the BSE and NSE, the India INX (International Exchange) and NSE IFSC (International Exchange).