Sri Lanka HNB debenture oversubscribed, raises Rs6bn

ECONOMYNEXT – Sri Lanka’s Hatton National Bank said its listed debenture issue was oversubscribed during the early hours of the opening day, Tuesday, and would be closed the same afternoon.

The debenture issue of HNB was for Rs5 billion with a green-shoe option to go up to Rs6 billion and was rated A+ (lka) by Fitch Ratings Lanka Limited, a statement said.

The five year debentures have an interest rate of 11.75% payable annually and the seven year debentures carry an interest rate of 13% also payable annually.

NDB Investment Bank acted as the Lead Managers to the issue of 60 million debentures at a par value of Rs100 each while Acuity Partners acted as the Co-Managers.

(COLOMBO, October 25, 2016)

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