Commentary & Deal Flow

Final Price Guidance: 3yr: 7.60%#
IPTs: 3yr: 7.900% area

• Issuer: IIFL Finance Limited
• Issuer Rating: B+ (Positive) / B+ (Positive) (S&P / Fitch)
• Exp. Issue Rating: B+ / B+ (S&P / Fitch)
• Issue: Fixed rate, senior secured, social US$ bonds
• Final Price Guidance: 7.60% (the number)
• Security: First ranking pari passu charge over all right, title, interest, benefits, claims and demands, whatsoever of the Issuer in, to and in respect of, all present and future, receivables/assets, including Issuer's accounts, operating cash flows, current assets, book debts, loans and advances and receivables, to the extent of complying with the Security Coverage Ratio (as defined in the Offering Circular) but excluding the Excluded Assets (as defined in the Offering Circular).
• Format: 144A / Reg S, Category 1, Drawdown off GMTN program
• SPO Provider: Sustainable Fitch
• Size: US$ Benchmark
• Tenor: 3.25 years
• Settlement Date: 10-Jun-26 (T+5)
• Maturity Date: 10-Sep-29
• Coupon: Fixed, semi-annual, 30/360
• Use of Proceeds: In accordance with the Issuer's Social Finance Framework, for onward lending and for supporting growth of the Issuer's business in accordance with the ECB Regulations
• Maintenance Covenants:
• • Security Coverage Ratio >= 1.0. Security at all times to consist of Standard Assets
  • Net NPA Ratio <= 5%
  • Capital Adequacy Ratio to be maintained in line with RBI guidelines (min. 15% regulatory requirement as on date)
• Change of Control Put: At 101%, if Change of Control and Rating Decline
• Clearing: DTC, Euroclear and/or Clearstream
• Governing Law: English Law
• Listing: India International Exchange (IFSC) Limited and NSE IFSC Limited
• Joint Global Coordinators and Joint Bookrunners: Emirates NBD Bank PJSC, HSBC (B&D), J.P. Morgan, Standard Chartered Bank
• Expected Timing: Asia and EMEA books subject. Launch and pricing today during NY hours