Hero FinCorp plans first offshore bond issuance to raise $300 million
Hero FinCorp
is exploring its first-ever
offshore bond issuance
and could raise up to $300 million through a
dollar-denominated bond
, according to people familiar with the matter.
The company, an NBFC of the Hero Group, conducted non-deal roadshows in Hong Kong and Singapore last week, arranged by HSBC, to assess investor appetite for the proposed issue.
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While the timing and structure of the issuance are yet to be finalised, the deal is under active consideration. The potential offering follows the company's $200 million syndicated loan discussion in April. Hero FinCorp is looking to diversify its funding base beyond home before its planned
initial public offering
.
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Hero FinCorp plans first offshore bond issuance to raise $300 million
Hero FinCorp is considering its inaugural offshore bond issuance, potentially raising up to $300 million through a dollar-denominated bond. The NBFC, part of the Hero Group, recently conducted roadshows in Hong Kong and Singapore to gauge investor interest.
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Hero FinCorp is the lending arm of Hero MotoCorp, India's largest two-wheeler manufacturer. Nearly one-third of Hero FinCorp's business comes from
Hero MotoCorp
and its affiliates. Two-wheeler loans account for about 16% of the company's total AUM, as of last year,. A Hero FinCorp spokesperson did not respond to requests for comment.
On May 16, Moody's affirmed Hero FinCorp's Ba1 rating with a stable outlook, given the continued support from the promoter group. The firm has also secured regulatory approval from the Securities and Exchange Board of India (Sebi) to raise ₹3,668 crore via IPO.
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