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Central Finance debentures snapped up

28 May 2015 04:14 am - 0     - {{hitsCtrl.values.hits}}

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Central Finance Company PLC (CF) said it successful raised Rs.3 billion through a debenture issue. The issue opened for subscription yesterday.
The company issued 20 million rated, secured, redeemable debentures with an option to upsize the issue by further 10 million in case of an oversubscription of the initial tranche, at an issue price of Rs.100 each. 
The debentures will have tenures of between three and five years and fixed-rate coupons.  
The company expects to use the proceeds to fund lending growth, reduce structural maturity mismatches and diversify the funding mix.
The debentures are secured by receivables from identified hire-purchase and lease agreements exceeding 110 percent of the total outstanding value of the debenture at any given time. 
The issue was assigned A+(lka) in line with the company’s rating by Fitch Rating Lanka. 
 
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