360 ONE Prime to raise upto Rs 1,000 cr via public issue NCDs

360 ONE Prime Ltd. (formerly known as IIFL Wealth Prime Ltd.), a wholly-owned subsidiary of 360 ONE WAM Limited (formerly known as IIFL Wealth Management Ltd.) is planning to raise upto Rs 1,000 crore by publicly issuing secured, redeemable, non-convertible debentures (NCDs). It will be its maiden public issue of secured, rated, listed, redeemable NCDs.

360 ONE Prime will issue Tranche I of secured, rated, listed, redeemable, NCDs, with base issue size of Rs 200 crore, with an option to retain over-subscription of up to Rs 800 crore aggregating to Rs 1,000 crore, which is within the shelf limit of Rs 1,500 crore. “The company shall maintain a minimum-security cover of at least 1.05 times (1.05x) of the outstanding principal amounts of the NCDs and all interest due and payable thereon at all times until the maturity date”, it said in a statement.

According to it, the proposed fund raising is for the purpose of onward lending, financing or refinancing the existing indebtedness of the company, and/or debt servicing (payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company) and general corporate purposes.

“Our Company has a synergistic partnership with the 360 ONE Group, which ensures that clients receive best-of-the-class financial solutions. We have also benefitted by adopting good practices of 360 ONE group, which has helped in enhancing our Company’s risk underwriting abilities, which is reflected in our healthy asset quality over the years. We have an integrated technology platform for providing operational and decision-making support through the complete loan lifecycle. Our Company has credit ratings from agencies including CRISIL, CARE and ICRA. We believe our credit rating allows us to borrow funds at competitive rates from diverse sources,” said Himanshu Jain, CEO and whole-time director, 360 ONE Prime Ltd.

The lead managers to the issue are JM Financial Limited, A. K. Capital Services Limited and IIFL Securities Limited. The NCDs are proposed to be listed on BSE Limited. BSE Limited has been appointed as the Designated Stock Exchange.

The NCDs issued through the Tranche I offer a coupon of up to 9.66 per cent per annum (under Series VIII). The NCDs are available in tenors of 18 months, 24 months, 36 months and 60 months with monthly and annual interest payment options across eight series. The NCDs would be issued at face value of Rs 1,000 each, aggregating up to Rs 1,000 crore.

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