Singer in Rs.2bn listed debt issue

Singer (Sri Lanka) PLC is to raise Rs.2 billion by way of a debenture issue and has received the approval in principle from the Colombo Stock Exchange to list the debt securities. The company plans to issue 10 million rated, unsecured, senior, redeemable debentures of Rs.100 each with an option to issue up to a further 10 million of said debentures in the event of an over subscription of the initial tranche. The debt issue is scheduled to open on March 10, 2016.

Joint financial advisors and managers to the issue are Agora Securities and NDB Investment Bank. Business Intelligence Private Limited functions as the registrars to the issue. On January 4, 2016, Singer Lanka acquired a 83.55 percent stake in Singer Industries (Ceylon) PLC for a total cash consideration of Rs.664.1 million. On February 23, 2016, Singer Lanka acquired a 58.29 percent stake in Regnis Lanka PLC for a total cash consideration of Rs.722.5 million.