Fairfax-backed non-banking financial company (NBFC), IIFL Finance (IIFL), said it has secured $100 million in long-term funding, jointly, 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 under the aegis of Deutsche Bank as mandated lead arranger, book runner and co-financier.
This would also be IIFL’s second loan from EDC. It had previously secured funding of $100 million from EDC in 2019.
IIFL Finance had raised $400 million through its maiden dollar bond issue in February 2020. It was able to buy back the maximum possible amount, as approved by the Reserve Bank of India, with the remaining amount 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 said.
Kapish Jain, the Group Chief Financial Officer of IIFL Finance, said, “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.”
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