HDFC to raise Rs.4 bn via debenture issue

9 November 2015 03:07 am - 0     - {{hitsCtrl.values.hits}}

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The Housing Development Finance Corporation Bank of Sri Lanka (HDFC) is to raise Rs.4 billion from a listed debenture issue, the company said in a stock exchange filing. 

The Colombo Stock Exchange has approved an application in principle by the company in this regard. 

To this end, the company plans to issue 30 million rated, senior, unsecured, redeemable debentures at an issue price of Rs.100 each with an option to issue up to a further 10 million of said debentures in the event of an oversubscription of the initial tranche.  

Fitch Ratings has assigned the issue a final rating of ‘BBB(lka)’ in tandem with HDFC’s national long term rating. HDFC expects to use the proceeds to reduce asset and liability maturity mismatches.

The subscription list of the debenture issue will be opened on November 16.

NDB Investment Bank Limited and Bank of Ceylon Investment Banking Division will be acting as the joint financial advisors and managers to the issue, while SSP Corporate Services (Private) Limited will be the registrars to the issue.
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