Singer Sri Lanka PLC, a leading white goods retailer in the country, said it was raising Rs.3 billion via a proposed debt issue.
Accordingly, the company plans to issue unsecured senior debentures up to Rs.3 billion, which will have a three-year tenure with a fixed coupon.
The proceeds of the issue will be used to refinance the existing debt, restructure short-term debt and for working capital requirements. Fitch Ratings yesterday assigned the proposed debentures a national long-term rating of ‘A-(lka)(EXP)’. The rating is on par with Singer’s national long-term rating.