Fairfax-backed non-banking monetary firm (NBFC), IIFL Finance (IIFL), mentioned it has secured $100 million in long-term funding, collectively, from Export Development Canada (EDC) and Deutsche Bank.
It secured $ 50 million from EDC and $50 million from Deutsche Bank, respectively. The deal was structured underneath the aegis of Deutsche Bank as mandated lead arranger, ebook runner and co-financier.
This would additionally be IIFL’s second mortgage from EDC. It had beforehand secured funding of $100 million from EDC in 2019.
IIFL Finance had raised $400 million by way of its maiden greenback bond challenge in February 2020. It was capable of purchase again the utmost potential quantity, as permitted by the Reserve Bank of India, with the remaining quantity due for maturity later in April 23.
“The replacement cost on the fresh borrowing at a competitive rate is expected to result in significant savings in borrowing costs, as compared to its previous fund raise,” the NBFC mentioned.
Kapish Jain, the Group Chief Financial Officer of IIFL Finance, mentioned, “These funds are long-term in nature and will help us further strengthen our ALM position and support our continued growth across our core businesses.”
