<p>Hero FinCorp has become the first Indian company to raise a secured overnight financing rate (SOFR)-linked syndicated loan, said people aware of the matter. The non-bank finance company, promoted by Hero MotoCorp, raised $350 million (about Rs 2,631 crore) at 168 basis points above SOFR, a new international benchmark that has come into existence to replace the London Interbank Offered Rate or LIBOR from January 1. As Per ET The SOFR rate was 0.05% on Thursday. Axis Bank and HSBC are underwriters to the loan, said the people cited earlier.</p><p>Though Indian companies have raised overseas loans linked to SOFR since the beginning of the year, Hero FinCorp is the first to raise a syndicated loan marked to the new rate. Loans of this nature could become more popular among a wide range of borrowers, according to market participants.</p>

Hero FinCorp has become the first Indian company to raise a secured overnight financing rate (SOFR)-linked syndicated loan, said people aware of the matter.