Satin Creditcare to Raise $20 Million Through Bond Issue
Satin Creditcare plans $20 million bond issue
The Economic Times
Image: The Economic Times
Satin Creditcare Network, a microfinance lender based in Kolkata, India, plans to raise $20 million through dollar-denominated bonds. The bonds will be issued on May 27 with a coupon rate set at 310 basis points above the six-month secured overnight financing rate (SOFR).
- 01Satin Creditcare Network is raising $20 million through bonds.
- 02The bond issuance is scheduled for May 27.
- 03The coupon rate is set at 310 basis points above six-month SOFR.
- 04Interest on the bonds will be paid semi-annually.
- 05This move indicates the company's strategy to enhance its funding sources.
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Satin Creditcare Network, a prominent microfinance lender in Kolkata, India, has announced plans to raise $20 million through a bond issue. The bonds are expected to be allotted on May 27 and will feature a coupon rate that is 310 basis points above the six-month secured overnight financing rate (SOFR). This strategic financial move aims to diversify the company's funding sources, allowing for better liquidity management. The interest on these bonds will be payable semi-annually, providing investors with a regular income stream. The issuance reflects the growing trend among microfinance institutions to tap into international debt markets for capital.
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This bond issuance could strengthen Satin Creditcare's financial position, potentially leading to increased lending capacity for microfinance services.
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