Shriram Finance Committee Approves Issuance Of $150 Mn Senior Secured Floating Rate Notes

Listed Financial Services company Shriram Finance on Friday said that its Banking and Finance Committee approved issuance of USD 150 million Senior Secured Floating Rate Notes due 2026 on private placement basis.

This will be done under the USD 3.5 billion Global Medium Term Note Programme. 

“The Company has priced USD 150 million Notes as per the details contained in Annexure-I. The Company shall make necessary intimation upon issuance and allotment of the Notes,” Shriram Finance mentioned in its regulatory filing.

The Notes going to be listed on Indian International Exchange (INX) and their Maturity is taken to be on 29 September, 2029.

Shriram Finance said that the Notes will be secured by creation of charge on a specified pool of receivables exclusively earmarked for this issuance.

Regarding the proceeds from the Notes, the company said it will be handled in accordance with SFL’s Social Finance Framework and as may be permitted by the RBI ECB guidelines. Further, Shriram Finance also mentioned that it will be used for onward lending and other activities as may be permitted by the RBI ECB Guidelines and in accordance with the approvals granted by the RBI from time to time.