Sri Lanka Abans debentures raise two billion rupees

EconomyNext – Sri Lankan retailer Abans Plc said it raised just over two billion rupees from the issue of 20 million 100-rupee debentures that Fitch Ratings assigned a final National Long-Term rating of ‘BBB+(lka)’.

The company, which has began building its Colombo City Centre mixed-use property project costing 150 million US dollars, issued the debenture in three tranches with maturities of three, four, and five years at fixed coupon rates of 8.25 percent, 8.50 percent and 9.00 percent.

The proceeds will be used to re-finance part of the company’s short-term borrowings and will help reduce Abans’ exposure to refinance and interest rate risk.

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