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Abans Rs 2bn debenture issue rated at 'A-(EXP)'

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25 September 2013 04:55 am - 0     - {{hitsCtrl.values.hits}}

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Fitch Ratings has assigned Abans Limited's proposed issue of senior unsecured redeemable debentures of up to Rs.2 billion, an expected National Long-Term rating of ‘A-(lka)(EXP)'.

The rating is contingent upon the final transaction documents conforming to information already received.

The proposed debentures are rated in line with the Sri Lankabased retailer's National Long-Term Rating of ‘A-(lka)', as they will rank equally with the company's other senior unsecured creditors.

The debenture is expected to be issued in three tranches with maturities of three, four, and five years at fixed coupon rates. The proceeds will be used to re-finance part of the company's short-term borrowings, lowering the cost of funds, and will help reduce Abans' exposure to refinance- and interest rate risk.

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Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

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