ComBank to raise up to Rs.12bn via listed debt

Sri Lanka’s largest private bank Commercial Bank of Ceylon PLC is gearing to raise up to Rs.12 billion via a listed debenture issue, which was first announced in July this year. 
The bank yesterday said it plans to issue 60 million Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures, with a non-viability conversion feature, at the par value of Rs.100 each, with an option to issue up to further 60 million of said debentures in the event of an oversubscription of
the initial issue.
The debentures will mature over five, seven and 10 years, featuring fixed coupon rates payable annually and semi-annually.
The subscription list of the issue will officially open on December 12, 2023.
Commercial Bank’s Investment Banking Unit will function as the manager to the issue and S S P Corporate Services will serve as the registrar to
the issue.