15 August 2019 12:01 am
Hayleys PLC is to raise up to Rs.3 billion via a listed debenture issue.
The diversified conglomerate plans to issue 20 million listed, rated, unsecured, senior, redeemable, five-year debentures, each at Rs.100, with an option to issue up to further 10 million of the same debentures in the event of an oversubscription of the initial tranche.ICRA Lanka, a group company of Moody’s Investors Services, has assigned (SL)A+ with a Stable outlook for the proposed debt issue.The Colombo Stock Exchange has approved in principle an application for the listing of the debt securities.
The subscription list of the issue will officially open on August 20.
Capital Alliance Partners Limited and People’s Bank Investment Banking Unit are functioning as joint managers to the issue.
P.W. Corporate Secretarial (Pvt.) Ltd is the registrar to the issue.
Hayleys raised Rs.4 billion through a listed debenture issue in July, last year.