PFC raises $1bn in first post-acquisition bond

Pulled Plug
By Morgan Davis
12 Jun 2019

India’s Power Finance Corp sold a $1bn dual-tranche deal on Tuesday, its first offshore bond outing since its acquisition of REC at the end of March.

State-owned PFC took a majority stake in REC (previously known as Rural Electrification Corp and also a power and electricity company) from the government earlier this year. Neither of the companies had sold dollar bonds yet in 2019, but REC met with investors ahead of the acquisition to request ...

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