ComBank to raise up to Rs.10bn via listed debt 

Sri Lanka’s largest private lender by assets, Commercial Bank of (Ceylon) PLC, is gearing to raise up to Rs.10 billion via a Basel III compliant listed debenture issue.

The lender plans to issue 50 million listed, unsecured, rated, redeemable, subordinated Basel III compliant debentures of Rs.100 each with a non-viability conversion feature with an option to issue a further 50 million debentures in the event of an oversubscription of the initial issue. The debentures will have a minimum tenure of 5 years and a maximum tenure of seven years. 

The issue is subject to all necessary regulatory approvals, shareholder approval and upon other conditions acceptable to the bank.