Sri Lanka seeks to upsize US$450mn syndicated loan

.ECONOMYNEXT – Sri Lanka is seeking more subscriptions from a syndicated loan after tying down $450 million from lead arrangers in deal that has an option to go up to $1 billion.

Government officials said the first $450 million tranche would be in Sri Lanka in a matter of days, and Sri Lanka was in the market for more funds.

Bank of Baroda, DB, Indian Bank, Qatar National Bank, SBI and SMBC are the mandated lead arrangers, Bloomberg Newswires said.

Road shows were due in Dubai, Hong Kong and Singapore from May 22 to 25.

The syndication as a ‘green shoe’ option could go up to $1 billion.

The amortizing loan would be repaid in tranches of 33.33 percent in one year, 33.33 percent in two years and 33.34 percent in three years, Bloomberg said.

Sri Lanka has just raided $1.5 billion from a 10-year sovereign bond. The bond has a bullet repayment. (Colombo/May20/2017)

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