January 11, 2024
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360 One Rs.1000 Cr. NCD Issue
360 ONE Prime Limited (formerly known as IIFL Wealth Prime Limited), a wholly-owned subsidiary of 360 ONE WAM Limited (formerly known as IIFL Wealth Management Limited), operating as a lending vehicle of the 360 ONE group, has announced the launch of its maiden public issue of secured, rated, listed, redeemable, non-convertible debentures (“NCDs”). 360 ONE Prime will issue Tranche I of secured, rated, listed, redeemable, NCDs, with Base Issue Size of Rs. 200 crores, with an option to retain over-subscription of up to Rs. 800 crores aggregating to Rs. 1,000 crores, which is within the Shelf Limit of Rs. 1,500 Crores. 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.
Objectives of NCD: The company proposes to raise funds for the purpose of onward lending, financing / 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.
Coupon Rates: The NCDs issued through the Tranche I Prospectus dated December 28, 2023 read with Shelf Prospectus dated December 28, 2023 offer a coupon of up to 9.66% 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.
Ratings: NCDs proposed to be issued under Tranche I Issue are rated CRISIL AA/Stable by CRISIL Ratings
Limited and [ICRA]AA (Stable) by ICRA Limited, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk.
Commenting on the NCD issue, Karan Bhagat, Founder, MD & CEO, 360 ONE said, “We have an experienced management team. Our loan approval and administration procedures, collection and
enforcement procedures are designed to minimize delinquencies and maximize recoveries. Further, our
processes have been standardized with the objective of providing high levels of service quality while
maintaining process. The solutions offered by our Company are customized as per the clients'
requirements and credit profile.”
Himanshu Jain, CEO and Whole-time Director, 360 ONE Prime Limited said, “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.”
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.
Quicklinks
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