Commercial Credit and Finance PLC’s issue of 10 million rated, subordinated, guaranteed, redeemable five-year debenture issue at a par value of Rs.100 was oversubscribed yesterday.
Interest on the debentures will be paid at a fixed rate of 10.50 percent per annum on the principal sum quarterly each year.
“We’re indeed very happy with the performance of this debenture issue and thank the public of Sri Lanka for the overwhelming trust placed in Commercial Credit.
This debenture issue has also given our investors the unique chance to be a part of our continuing efforts to reach out to more people in this country and thereby further enhance the quality of their lives,” Commercial Credit and Finance Chief Operating Officer Rajiv Casie Chitty said. The five-year rated, subordinated, guaranteed, redeemable debentures will be listed on the Colombo Stock Exchange.
Bankers to the issue was Hatton National Bank PLC while the Manager and Registrars to the issue were First Capital Limited and S.S.P. Corporate Services (Private) Limited respectively. The Trustee to the issue was Bank of Ceylon. Lanka Rating Agency Ltd had assigned a long term rating of ‘AA’ to these debentures.