Leading consumer durables retailer Singer Sri Lanka PLC plans to raise up to Rs.3 billion through a debenture issue.
The unsecured redeemable debentures are likely to have a three-year tenure and to be issued in two tranches with fixed and floating rates.
Fitch Ratings Lanka has assigned ‘A-(lka) (EXP)’ to the issue on par with Singer’s national long-term rating.
The proceeds of the proposed issue will be used as working capital and to refinance the existing debt.
The company’s interest-bearing borrowings as at December 2014 stood at over Rs.6.8 billion.
Singer Sri Lanka raised Rs.1.5 billion through a previous debenture issue in December 2014.