The notes, issued under ICICI Bank’s $7.5 billion Global Medium Term Note Programme, carry a coupon of 5.410% and will mature on August 27, 2031, the filing said.
The net proceeds from the issue will be used for general corporate purposes in accordance with applicable regulatory guidelines.
The notes are unsecured and will pay interest twice a year on February 27 and August 27 until maturity. They are proposed to be listed on the Global Securities Market of India International Exchange IFSC, the Debt Securities Market of NSE IFSC and the Singapore Exchange.
S&P said it had equalised the rating on the proposed notes with ICICI Bank’s issuer credit rating, according to its rating action.
The latest fundraising follows ICICI Bank’s earlier dollar-denominated debt issuances this year as Indian lenders have stepped up overseas borrowing amid lower hedging costs under the Reserve Bank of India’s foreign-currency swap facility. Reuters reported last week that ICICI Bank had raised $2.05 billion through dollar-denominated debt within a month.
Also Read: UPI turns 10: Transactions jump nearly 13,000-fold, value surges over 4,000-fold since FY17
