Singer Finance to raise Rs.1.5bn via listed debentures

Singer Finance (Lanka) PLC (SFL) is to raise up to Rs.1.5 billion through a listed debenture issue.

The issue has been assigned BBB(lka)(EXP) by Fitch Ratings.

The proposed rupee-denominated senior unsecured debentures are to mature in three and five years and would carry fixed- and floating-rate coupons. 

SFL plans to use the proceeds to support its loan-book expansion.

Fitch said the final rating is subject to the receipt of final documentation conforming to information already received. 

The proposed senior debentures are rated in line with SFL’s National Long-Term Rating and rank equally with the claims of other senior unsecured creditors. 

SFL’s National Long-Term Rating was affirmed on February 22, 2019.