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Manappuram Finance Ltd, a gold loan-focused NBFC, has raised $300 million by way of senior secured fixed rate notes issuance for a three-year tenor.
The issue was placed with a coupon of 5.90 per cent.
This is the first issuance by the company in the global bond market, tapping investors in Asia and Europe, Middle East and Africa (EMEA). The proceeds will be used for onward lending and other activities, the company said in a statement.
“The success of the issue and its attractive pricing enables us to further diversify our funding sources,” V.P. Nandakumar, managing director and Chief Executive Officer said.
UBS AG Singapore Branch was the global coordinator, while UBS and Barclays Bank were the joint book runners for the issue.
The company had conducted roadshows across Singapore, Hong Kong and London. Buoyed by strong investor interest, the issue was launched with an initial price guidance of about 6.25 per cent. However, following the exceptional interest shown by over a hundred high-quality investors, the final order book exceeded $1.15 billion and the company was able to tighten the pricing to 5.90 per cent, it added.