TIDM99WX
RNS Number : 4658O
Indian Railway Finance Corporation
10 February 2021
10 February 2021
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 26 January 2021 (the " Offering
Circular ") in connection with its U.S.$4,000,000,000 Global Medium
Term Note Programme (the " Programme "). Under the Programme, on 10
February 2021, the Issuer issued U.S.$750,000,000 2.80% Senior
Notes due 2031 (the " Notes "). The designated clearing system for
the Notes is the Depository Trust Company.
This document consists of (i) this cover page, (ii) the attached
pricing supplement dated 3 February 2021 in relation to the Notes
(the "Pricing Supplement") and (iii) 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
Information-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 figures, as at and for the six
months ended 30 September 2020.
YOU ARE ENCOURAGED TO READ THESE ADMISSION PARTICULARS IN FULL,
INCLUDING THE OFFERING CIRCULAR AND THE PRICING SUPPLEMENT.
Pricing Supplement
Pricing Supplement dated 3 February 2021
INDIAN RAILWAY FINANCE CORPORATION LIMITED
Legal entity identifier (LEI): 335800F2JHSOGXQEBY56 Issue of
U.S.$750,000,000 2.80 per cent. Fixed Rate Notes due 2031 under the
U.S.$4,000,000,000 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
26 January 2021. 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: 04
(b) Tranche Number: 01
3 Specified Currency or Currencies: U.S. Dollars
4 Aggregate Nominal Amount:
(a) Series: U.S.$750,000,000
(b) Tranche: U.S.$750,000,000
5 Issue Price: 100.0 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: 10 February 2021
(b) Interest Commencement Date: Issue Date
8 Maturity Date: 10 February 2031
9 Interest Basis: 2.80 per cent. Fixed Rate
(further particulars specified below)
10 Redemption/Payment Basis: Redemption at par
11 Change of Interest Basis or Not Applicable
1
Redemption/Payment Basis:
12 Put/Call Options: Change of Control Put
13 (a) Status of the Notes: Senior
1
(b) Date of Board approval for issuance of Notes obtained:
(c) Date of regulatory approval for issuance of Notes obtained:
29 May 2020 and 28 August 2020 Not Applicable
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: 2.80 per cent. per annum payable
semi-annually in
arrear
(b) Interest Payment Date(s): 10 February and 10 August in each year, commencing
on 10 August 2021
(c) Fixed Coupon Amount(s): U.S.$14.00 per Calculation Amount
(d) Broken Amount(s): Not Applicable
(e) Day Count Fraction: 30/360
(f) Determination Date(s): Not Applicable
(a)
(g) Other terms relating to the method of calculating interest for Fixed Rate Notes:
Not Applicable
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
1
24 Final Redemption Amount of each Note:
25 Early Redemption Amount(s) per Calculation Amount payable on
redemption for taxation reasons or on event of default and/or the
method of
U.S.$1,000 per Calculation Amount U.S.$1,000 per Calculation
Amount
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 to Payment Days:
28 Talons for future Coupons or Receipts to be attached to
Definitive Notes (and dates on which such Talons mature):
29 Details relating to Partly 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:
New York No
Not Applicable
(a) Instalment Amount(s): Not Applicable
(b) Instalment Date(s): Not Applicable
31 Redenomination, renominalisation and Not Applicable reconventioning provisions:
32 Consolidation provision Not Applicable
33 Other terms or special conditions: Not Applicable
DISTRIBUTION
34 (a) If syndicated, names of Managers:
BNP Paribas DBS Bank Ltd.
The Hongkong and Shanghai Banking Corporation Limited
MUFG Securities Asia Limited SBICAP (Singapore) Limited Standard
Chartered Bank
(b) Stabilising Manager(s) (if any): The Hongkong and Shanghai Banking Corporation
Limited
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
Clearstream, Luxembourg and the relevant identification
number(s):
Not Applicable
39 Delivery: Delivery against payment
40 Additional Paying Agent(s) (if any): Not Applicable
41 ISIN: Regulation S Notes: US45434M2C57 Rule 144A Notes:
US45434L2C75
42 CUSIP: Regulation S Notes: 45434M2C5 Rule 144A Notes:
45434L2C7
43 Rating: The Notes are expected to be rated Baa3 by Moody's
Investors Service, Inc., BBB- by Standard & Poor's Ratings
Services and BBB- by Fitch Ratings.
1
GENERAL INFORMATION
44 The aggregate principal 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 EEA Retail Investors:
46 Prohibition of Sales to UK Retail Investors:
Not Applicable
Not Applicable Not Applicable
47 Use of Proceeds: The proceeds from the issue of Notes will be
used for
(i) funding of the acquisition, development and procurement of
rolling stock assets and project assets to be leased to the
Ministry of Railway by the Issuer and (ii) any other end use as
permissible under the applicable law.
Purpose of Pricing Supplement
This Pricing Supplement comprises the final terms required for
issue and the listing and quotation 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.$4,000,000,000 Global Medium Term Note Programme of Indian
Railway Finance Corporation Limited.
Responsibility
The SGX-ST assumes no responsibility for the correctness of any
of the statements made, opinions expressed or reports contained in
this Pricing Supplement. Approval in-principle from, admission to
the Official List of, and listing and quotation of the Notes on,
the SGX-ST are not to be taken as an indication of the merits of
the Issuer, the Programme or the Notes.
The Issuer accepts responsibility for the information contained
in this Pricing Supplement.
Signed on behalf of Indian Railway Finance Corporation
Limited:
By: _
Duly authorised
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END
MSCTLMBTMTMMBIB
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February 10, 2021 02:00 ET (07:00 GMT)
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