IIFL Finance (IIFL), an NBFC backed by Fairfax, said that it has acquired $100 million in long-term finance from both Export Development Canada (EDC) and Deutsche Bank.

EDC and Deutsche Bank each contributed $50 million to its funding, which totaled $100 million. Deutsche Bank served as the mandated lead arranger, book runner, and co-financier for the transaction.

As well, this would be IIFL's second EDC loan. EDC had earlier agreed to fund it with $100 million in 2019. In February 2020, IIFL Finance issued its first dollar bond, raising $400 million. With the remaining amount due for maturity later on April 23, it was able to purchase back the maximum amount permitted by the Reserve Bank of India.

The NBFC stated that compared to its previous fund raise, "the replacement cost on the fresh borrowing at a competitive rate is likely to result in considerable savings in borrowing costs."

"These funds are long-term in nature and will enable us further reinforce our ALM position and support our sustained expansion across our core businesses," said Kapish Jain, Group Chief Financial Officer of IIFL Finance.