Microfinance company Satin Creditcare Network on Wednesday raised $20 million from Zurich-based BlueOrchard Microfinance Fund in dollar-denominated bonds.
The Swiss impact investment manager is a long term investor in Satin. The bonds were placed on a private placement basis.
The bonds are raised at a secured overnight financing rate (SOFR)-linked coupon while the blended cost comes around a tad less than 11%, people familiar with the matter said. This is the first overseas bond placement by Satin this fiscal.
“The blended cost was slightly on the higher side because of the steep hedging cost,” the person said.
Satin, the country’s fourth largest NBFC-MFI, had its assets under management at Rs 12853 crore at the end of March 31.
