Siyapatha Finance gets CSE nod to list Rs.1bn debentures

The managers to the issue is NDB Investment Bank Limited while S.S.P.Corporate Services (Pvt) Ltd functions as registrars.Fitch Ratings Lanka has assigned the issue a final rating of ‘A-(lka), one notch below the finance company’s national long term rating to reflect its subordination to senior unsecured creditors.The proposed debentures will have a five-year tenor with bullet principal repayment at maturity. Coupon payments will be made annually at 8.90 percent.The company expects to use the proceeds to strengthen its regulatory Tier 2 capital and to reduce maturity mismatches between assets and liabilities.