IIFL Finance fully repays its maiden $400 million dollar-bonds issue

Fairfax-backed IIFL Finance said on Friday it has paid in full its first $400 million bond issue due in April 2023 along with interest at maturity.

Mumbai based retailer focus Non-bank financial company (NBFC) It raised $400 million through the Medium Term Note (MTN) Program in February 2020.

Kapish Jain, Group Chief Financial Officer, IIFL Finance, said in a statement that the company has completed all its obligations towards the first MTN program, with a full payment of $400 million to all its investors, part of which was previously paid early in the 2023 fiscal year itself.

On April 6, Moody’s upgraded IIFL Finance’s credit rating from B2 to B1, while retaining a “stable” outlook for the company… Moody’s said the upgrade is driven by factors such as an increased share of off-balance sheet loans; further strengthening of its asset-light business model and improving The company’s key metrics are financing and profitability,” according to the statement.

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Earlier this month, IIFL Finance, which had assets under management of ₹57,941 crore as of the end of December 2022, secured a long-term financing of $100 million, jointly from Export Development Canada (EDC) and Deutsche Bank, it said. The company said.

The company’s consolidated core business segments include housing loans, gold loans, digital loans, and microfinance loans that cater to unbanked and unbanked customers.