![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Irfc 27 | LSE:99WX | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.292 | 0 | 01:00:00 |
TIDM99WX
RNS Number : 0608D
Indian Railway Finance Corporation
14 February 2020
14 February 2020
INDIAN RAILWAY FINANCE CORPORATION LIMITED
(incorporated with limited liability in India)
admission PARTICULARS
Indian Railway Finance Corporation Limited (the "Issuer") has prepared an offering circular dated 20 January 2020 (the "Offering Circular") in connection with its U.S.$2,000,000,000 Global Medium Term Note Programme (the "Programme"). Under the Programme, on 13 February 2020, the Issuer issued U.S.$700,000,000 3.249% Senior Notes due 2030 (the "2030 Notes") and U.S.$300,000,000 3.950% Senior Notes due 2050 (the "2050 Notes" and, together with the 2030 Notes, the "Notes"). The designated clearing system for the Notes is the Depository Trust Company.
This documents consists of (i) this cover page, (ii) the attached pricing supplement dated 6 February 2020 in relation to the 2030 Notes (the "2030 Notes Pricing Supplement"), (iii) the attached pricing supplement dated 6 February 2020 in relation to the 2050 Notes (the "2050 Notes Pricing Supplement" and, together with the 2030 Notes Pricing Supplement, the "Pricing Supplements") and (iv) the Offering Circular (collectively, these "Admission Particulars").
The Offering Circular has been published on the regulatory news service maintained by the London Stock Exchange (www.londonstockexchange.com/exchange/news/market-news/market-news-home.html) and is hereby deemed to be incorporated in, and to form part of, these Admission Particulars. The documents listed under "General Inforamtion-Documents" in the Offering Circular may be obtained by contacting the Issuer at gme@irfc.nic.in.
Application has been made to the London Stock Exchange for the Notes to be admitted to London Stock Exchange's International Securities Market (the "ISM"). The ISM is not a regulated market for the purposes of Directive 2004/39/EC.
The ISM is a market designated for professional investors. Securities admitted to trading on the ISM are not admitted to the Official List of the UK Listing Authority. The London Stock Exchange has not approved or verified the contents of these Admission Particulars.
Responsibility Statement: The Issuer accepts responsibility for the information contained in these Admission Particulars. Having taken all reasonable care to ensure that such is the case, the information contained in these Admission Particulars is, to the best of the Issuer's knowledge, in accordance with the facts and contains no omission likely to affect its import.
No Significant Change Statement: There has been no significant change in the financial or trading position of the Issuer since the date of the most recently published year end figures for the period ended 30 September 2019.
YOU ARE ENCOURAGED TO READ THESE ADMISSION PARTICULARS IN FULL, INCLUDING THE OFFERING CIRCULAR AND THE PRICING SUPPLEMENTS.
Pricing Supplement
Pricing Supplement dated 6 February 2020
INDIAN RAILWAY FINANCE CORPORATION LIMITED
Legal entity identifier (LEI): 335800F2JHSOGXQEBY56
Issue of U.S.$700,000,000 3.249 per cent . Fixed Rate Notes due 2030
under the U.S.$2,000,000,000 Global Medium Term Note Programme
This document constitutes the Pricing Supplement relating to the issue of Notes described herein.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 20 January 2020. This Pricing Supplement contains the final terms of the Notes and must be read in conjunction with such Offering Circular. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of the Offering Circular and this Pricing Supplement.
Notification under Section 309B(1)(c) of the SFA - In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018") , the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are prescribed capital markets products (as defined in the CMP Regulations 2018) and are Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products.)
1 Issuer: Indian Railway Finance Corporation Limited 2 (a) Series Number: 02 (b) Tranche Number: 01 3 Specified Currency or Currencies: U.S. Dollars 4 Aggregate Nominal Amount: (a) Series: U.S.$700,000,000 (b) Tranche: U.S.$700,000,000 5 Issue Price: 100 per cent. of the Aggregate Nominal Amount 6 (a) Specified Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof (b) Calculation Amount: U.S.$1,000 7 (a) Issue Date: 13 February 2020 (b) Interest Commencement Date: Issue Date 8 Maturity Date: 13 February 2030 9 Interest Basis: 3.249 per cent. Fixed Rate (further particulars specified below) 10 Redemption/Payment Basis: Redemption at par 11 Change of Interest Basis or Redemption/Payment Basis: Not Applicable 12 Put/Call Options: Change of Control Put 13 (a) Status of the Notes: Senior (b) Date of Board approval for issuance of Notes 26 July 2019 obtained: (c) Date of regulatory approval for issuance of Notes 22 November 2019 obtained: 14 Listing: Singapore Exchange Securities Trading Limited, India International Exchange (IFSC) Limited and International Securities Market of the London Stock Exchange 15 Method of distribution: Syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 16 Fixed Rate Note Provisions Applicable (a) Rate(s) of Interest: 3.249 per cent. per annum payable semi-annually in arrear (b) Interest Payment Date(s): 13 February and 13 August in each year, commencing on 13 August 2020 (c) Fixed Coupon Amount(s): U.S.$16.245 per Calculation Amount (d) Broken Amount(s): Not Applicable (e) Day Count Fraction: 30/360 (f) Determination Date(s): Not Applicable (g) Other terms relating to the method of calculating Not Applicable interest for Fixed Rate Notes: 17 Floating Rate Note Provisions Not Applicable 18 Zero Coupon Note Provisions Not Applicable 19 Index Linked Interest Note Provisions Not Applicable 20 Dual Currency Interest Note Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION 21 Call Option Not Applicable 22 Put Option Not Applicable 23 Change of Control Put Option: Applicable 24 Final Redemption Amount of each Note: U.S.$1,000 per Calculation Amount 25 Early Redemption Amount(s) per Calculation Amount U.S.$1,000 per Calculation Amount payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Conditions): GENERAL PROVISIONS APPLICABLE TO THE NOTES 26 Form of Notes: Registered Notes: Unrestricted Global Certificate (nominal amount to be confirmed) registered in the name of a nominee for DTC Restricted Global Certificate (nominal amount to be confirmed) registered in the name of a nominee for DTC 27 Financial Centre(s) or other special provisions relating New York, London and Mumbai to Payment Days: 28 Talons for future Coupons or Receipts to be attached to No Definitive Notes (and dates on which such Talons mature): 29 Details relating to Partly Paid Notes: amount of each Not Applicable payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 30 Details relating to Instalment Notes: (a) Instalment Amount(s): Not Applicable (b) Instalment Date(s): Not Applicable 31 Redenomination, renominalisation and reconventioning Not Applicable
provisions: 32 Consolidation provision Not Applicable 33 Other terms or special conditions: Not Applicable DISTRIBUTION 34 (a) If syndicated, names of Managers: Axis Bank Limited Barclays Bank PLC BNP Paribas MUFG Securities Americas Inc. Standard Chartered Bank (b) Stabilising Manager(s) (if any): MUFG Securities Americas Inc. 35 If non-syndicated, name of relevant Dealer: Not Applicable 36 U.S. Selling Restrictions: Reg. S Compliance Category 1 / Rule 144A; TEFRA not applicable 37 Additional selling restrictions: Not Applicable OPERATIONAL INFORMATION 38 Any clearing system(s) other than DTC, Euroclear and Not Applicable Clearstream, Luxembourg and the relevant identification number(s): 39 Delivery: Delivery against payment 40 Additional Paying Agent(s) (if any): Not Applicable 41 ISIN: Regulation S Notes: US45434M2A91 Rule 144A Notes: US45434L2A10 42 CUSIP: Regulation S Notes: 45434M2A9 Rule 144A Notes: 45434L2A1 43 Rating: The Notes are expected to be rated Baa2 by Moody's Investors Service, Inc., BBB- by Standard & Poor's Ratings Services and BBB- by Fitch Ratings GENERAL INFORMATION 44 The aggregate principal amount of Notes in the Currency Not Applicable issued has been translated into U.S. dollars at the rate of [--], producing a sum of: 45 Prohibition of Sales to EEA and UK Retail Investors: Not Applicable
Purpose of Pricing Supplement
This Pricing Supplement comprises the final terms required for issue and admission to trading on the Singapore Exchange Securities Trading Limited, India International Exchange (IFSC) Limited and International Securities Market of the London Stock Exchange of the Notes described herein pursuant to the U.S.$2,000,000,000 Global Medium Term Note Programme of Indian Railway Finance Corporation Limited.
Responsibility
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Signed on behalf of Indian Railway Finance Corporation Limited:
By: _______________________
Duly authorised
Annex to the Pricing Supplement
The Offering Circular is hereby supplemented with the following information, which shall be deemed to be incorporated in, and to form part of, the Offering Circular.
The following paragraph shall inserted under the section entitled "Taxation - Indian Taxation" of the Offering Circular:
"Under the Finance Bill, 2020 ("Finance Bill") as part of the Union Budget 2020-21, it is proposed that Section 194LC of Income Tax Act will be amended to extend the withholding tax rate of 5 per cent. on the interest payments against borrowing by way of issue of long-term bonds including infrastructure bonds and issue of Rupee denominated bonds from July 1, 2020 to July 1, 2023 (and which will include Notes). As at the date hereof, the Finance Bill has not received approval of the Indian Parliament). When approved, these changes will take effect from April 1, 2020."
Pricing Supplement
Pricing Supplement dated 6 February 2020
INDIAN RAILWAY FINANCE CORPORATION LIMITED
Legal entity identifier (LEI): 335800F2JHSOGXQEBY56
Issue of U.S.$300,000,000 3.950 per cent. Fixed Rate Notes due 2050
under the U.S.$2,000,000,000 Global Medium Term Note Programme
This document constitutes the Pricing Supplement relating to the issue of Notes described herein.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 20 January 2020. This Pricing Supplement contains the final terms of the Notes and must be read in conjunction with such Offering Circular. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of the Offering Circular and this Pricing Supplement.
Notification under Section 309B(1)(c) of the SFA - In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are prescribed capital markets products (as defined in the CMP Regulations 2018) and are Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products.)
1 Issuer: Indian Railway Finance Corporation Limited 2 (c) Series Number: 03 (d) Tranche Number: 01 3 Specified Currency or Currencies: U.S. Dollars 4 Aggregate Nominal Amount: (e) Series: U.S.$300,000,000 (f) Tranche: U.S.$300,000,000 5 Issue Price: 100 per cent. of the Aggregate Nominal Amount 6 (g) Specified Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof (h) Calculation Amount: U.S.$1,000 7 (i) Issue Date: 13 February 2020 (j) Interest Commencement Issue Date Date: 8 Maturity Date: 13 February 2050 9 Interest Basis: 3.950 per cent. Fixed Rate (further particulars specified below) 10 Redemption/Payment Basis: Redemption at par 11 Change of Interest Basis Not Applicable or Redemption/Payment Basis: 12 Put/Call Options: Change of Control Put 13 (k) Status of the Notes: Senior (l) Date of Board approval 26 July 2019 for issuance of Notes obtained: (m) Date of regulatory 22 November 2019 approval for issuance of Notes obtained: 14 Listing: Singapore Exchange Securities Trading Limited, India International Exchange (IFSC) Limited and International Securities Market of the London Stock Exchange 15 Method of distribution: Syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 16 Fixed Rate Note Provisions Applicable (n) Rate(s) of Interest: 3.950 per cent. per annum payable semi-annually in arrear (o) Interest Payment Date(s): 13 February and 13 August in each year, commencing on 13 August 2020 (p) Fixed Coupon Amount(s): U.S.$19.750 per Calculation Amount (q) Broken Amount(s): Not Applicable (r) Day Count Fraction: 30/360 (s) Determination Date(s): Not Applicable (t) Other terms relating Not Applicable to the method of calculating interest for Fixed Rate Notes: 17 Floating Rate Note Provisions Not Applicable 18 Zero Coupon Note Provisions Not Applicable 19 Index Linked Interest Note Not Applicable Provisions 20 Dual Currency Interest Not Applicable Note Provisions PROVISIONS RELATING TO REDEMPTION 21 Call Option Not Applicable 22 Put Option Not Applicable 23 Change of Control Put Option: Applicable 24 Final Redemption Amount U.S.$1,000 per Calculation Amount of each Note: 25 Early Redemption Amount(s) U.S.$1,000 per Calculation Amount per Calculation Amount payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Conditions): GENERAL PROVISIONS APPLICABLE TO THE NOTES 26 Form of Notes: Registered Notes: Unrestricted Global Certificate (nominal amount to be confirmed) registered in the name of a nominee for DTC Restricted Global Certificate (nominal amount to be confirmed) registered in the name of a nominee for DTC 27 Financial Centre(s) or New York, London and Mumbai other special provisions relating to Payment Days: 28 Talons for future Coupons No or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): 29 Details relating to Partly Not Applicable Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest
due on late payment: 30 Details relating to Instalment Notes: (u) Instalment Amount(s): Not Applicable (v) Instalment Date(s): Not Applicable 31 Redenomination, renominalisation Not Applicable and reconventioning provisions: 32 Consolidation provision Not Applicable 33 Other terms or special Not Applicable conditions: DISTRIBUTION 34 (w) If syndicated, names Axis Bank Limited of Managers: Barclays Bank PLC BNP Paribas MUFG Securities Americas Inc. Standard Chartered Bank (x) Stabilising Manager(s) MUFG Securities Americas Inc. (if any): 35 If non-syndicated, name Not Applicable of relevant Dealer: 36 U.S. Selling Restrictions: Reg. S Compliance Category 1 / Rule 144A; TEFRA not applicable 37 Additional selling restrictions: Not Applicable OPERATIONAL INFORMATION 38 Any clearing system(s) Not Applicable other than DTC, Euroclear and Clearstream, Luxembourg and the relevant identification number(s): 39 Delivery: Delivery against payment 40 Additional Paying Agent(s) Not Applicable (if any): 41 ISIN: Regulation S Notes: US45434M2B74 Rule 144A Notes: US45434L2B92 42 CUSIP: Regulation S Notes: 45434M2B7 Rule 144A Notes: 45434L2B9 43 Rating: The Notes are expected to be rated Baa2 by Moody's Investors Service, Inc., BBB- by Standard & Poor's Ratings Services and BBB- by Fitch Ratings GENERAL INFORMATION 44 The aggregate principal Not Applicable amount of Notes in the Currency issued has been translated into U.S. dollars at the rate of [--], producing a sum of: 45 Prohibition of Sales to Not Applicable EEA and UK Retail Investors:
Purpose of Pricing Supplement
This Pricing Supplement comprises the final terms required for issue and admission to trading on the Singapore Exchange Securities Trading Limited, India International Exchange (IFSC) Limited and International Securities Market of the London Stock Exchange of the Notes described herein pursuant to the U.S.$2,000,000,000 Global Medium Term Note Programme of Indian Railway Finance Corporation Limited.
Responsibility
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Signed on behalf of Indian Railway Finance Corporation Limited:
By: _______________________
Duly authorised
Annex to the Pricing Supplement
The Offering Circular is hereby supplemented with the following information, which shall be deemed to be incorporated in, and to form part of, the Offering Circular.
The following paragraph shall inserted under the section entitled "Taxation - Indian Taxation" of the Offering Circular:
"Under the Finance Bill, 2020 ("Finance Bill") as part of the Union Budget 2020-21, it is proposed that Section 194LC of Income Tax Act will be amended to extend the withholding tax rate of 5 per cent. on the interest payments against borrowing by way of issue of long-term bonds including infrastructure bonds and issue of Rupee denominated bonds from July 1, 2020 to July 1, 2023 (and which will include Notes). As at the date hereof, the Finance Bill has not received approval of the Indian Parliament). When approved, these changes will take effect from April 1, 2020."
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
DOCTIMMTMTBBBBM
(END) Dow Jones Newswires
February 14, 2020 05:12 ET (10:12 GMT)
1 Year Irfc 27 Chart |
1 Month Irfc 27 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions