Leading non-banking financial services firm IIFL Finance is in the overseas debt market to raise $300-400 million, as part of its planned $1 billion debt raising plan.
According to sources, the company is holding roadshows in New York, London, Singapore and Hong Kong currently and the issue is likely to close tonight. It plans to raise at least $300 million by issuing multiple currency bonds, according to people familiar with the development.
This is the second overseas bond sale by the company after its maiden issue of $400 million raised in 2020 which was paid redeemed in 2023, the source added. That apart, it has a $150 million external commercial borrowing which is still running.
Meanwhile, the global rating agency Fitch Friday assigned a 'B+' rating to the overall all medium tern note progamme of IIFL Finance, which has a B+/stable rating from the agency.
According to the rating agency, the senior secured notes will be listed on the India International Exchange in the Gift City.
Since November, IIFL Finance has been planning to revive its $400 million bond plan, which was previously paused due to restrictions imposed by India's central bank on certain aspects of its business. The RBI lifted the restrictions on the company’s gold-backed lending business in September, which had been in place since March, coinciding with the financier's plans for the dollar bond offering.