Non-banking finance company (NBFC) major Shriram Finance has raised $500 million via SACE External Commercial Borrowing Push loan facility, with a tenor of 10 years, the NBFC said in a statement. SACE is an Italian export credit agency run under the government of Italy.
“The transaction saw participation from leading global financial institutions, including HSBC, Deutsche Bank, KfW IPEX-Bank, ING Bankand J P Morgan as mandated lead arrangers and lenders amounting to EUR 393 million and $100 million highlighting the strong confidence of international lenders in SFL’s creditworthiness,” it said. HSBC acted as the sole export credit agency, while Coordinator and ING Bank acted as the social loan coordinator for the transaction.
Shriram Finance has raised over $2.5 billion in offshore funding in the current financial year. Umesh Revankar, Executive Vice Chairman of Shriram Finance, said the transaction shows the NBFC’s strong ability to navigate global financial markets and forge strategic partnerships with international lenders. This loan facility enhances the NBFC’s ability to provide financing for Italian vehicles and equipments.