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Andhra Pradesh Power Finance Said to Hire Banks for Rupee Bonds

Andhra Pradesh Power Finance Corp., a state-owned lender to India’s power generators, hired banks to sell at least 10 billion rupees ($226 million) of 10- and 12-year bonds, according to a person familiar with the matter.

The 12-year notes will pay a coupon of 8.84 percent and are redeemable after 10 years, the person said, asking not to be identified as the details are private. The 10-year notes will pay 8.49 percent and are redeemable after seven years.

The borrower, based in Hyderabad, hired nine banks to arrange the issue, which opens on Oct. 11 and closes on Oct. 30 the person said.

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