NTPC raises $400 mn from global markets
New Delhi: State-owned power giant NTPC on Wednesday said it has raised $400 million through issuance of medium term note in the international markets on March 12.
This is the ninth offering under the company's $6 billion Medium Term Note (MTN) programme since it was set up in 2006, taking the cumulative amount raised under the programme to $3.85 billion, NTPC said in a statement.
According to the statement, having updated the MTN programme in December 2016, NTPC was well positioned to take advantage of a supportive primary credit market and launched a benchmark size, senior, unsecured, fixed rate 10 year bond transaction with an initial price guidance of US Treasuries (UST) plus 180 basis point area on March 12 (Asia open).
The offering was met with strong demand and the transaction was oversubscribed within 4 hours of bookbuilding. In terms of geographical distribution, Asia took the bulk of the transaction at 79 per cent, with supplemental demand from Europe, Middle East & Africa (EMEA) and offshore US accounts at 18 per cent and 3 per cent, respectively.