Abans Plc said its Rs. 2 billion debenture has been oversubscribed on its official opening day itself on Friday.
The company offered 10 million senior, unsecured, listed, redeemable, rated debentures of Rs. 100 each and a further 10 million debentures in the event of the original amount being oversubscribed.
On Friday the issue had drawn applications for over Rs. 2 billion hence it was closed. The final figure of applications will be announced later.
The debenture was rated ‘BBB+ ’ by Fitch Ratings Ltd. The issue comprised three types of debentures with tenor spanning 3, 4 and 5 years.
Interest rate offered were
Type A: Fixed Coupon Rate of 8.25% p.a. payable Semi-annually (AER –8.42%);
Type B: Fixed Coupon Rate of 8.50% p.a. payable Semi-annually (AER –8.68%) and
Type C: Fixed Coupon Rate of 9.00% p.a. payable Semi-annually (AER –9.20%).
In the prospects, it was announced that 60% of the issue value will receive preferential allotment and the remaining 40% would be allotted at the discretion of the Board of Directors in a fair manner.
The funds raised by this debenture offering will be utilised to reduce asset and liability maturity mismatches; reduce interest rate risk of the company by way of debentures carrying a fixed interest rate and lock in medium term guaranteed funding.
Joint managers to the issue were Capital Alliance Partners Ltd., People’s Bank Investment Banking Unit and Abans Corporate Finance Division.
www.ft.lk
The company offered 10 million senior, unsecured, listed, redeemable, rated debentures of Rs. 100 each and a further 10 million debentures in the event of the original amount being oversubscribed.
On Friday the issue had drawn applications for over Rs. 2 billion hence it was closed. The final figure of applications will be announced later.
The debenture was rated ‘BBB+ ’ by Fitch Ratings Ltd. The issue comprised three types of debentures with tenor spanning 3, 4 and 5 years.
Interest rate offered were
Type A: Fixed Coupon Rate of 8.25% p.a. payable Semi-annually (AER –8.42%);
Type B: Fixed Coupon Rate of 8.50% p.a. payable Semi-annually (AER –8.68%) and
Type C: Fixed Coupon Rate of 9.00% p.a. payable Semi-annually (AER –9.20%).
In the prospects, it was announced that 60% of the issue value will receive preferential allotment and the remaining 40% would be allotted at the discretion of the Board of Directors in a fair manner.
The funds raised by this debenture offering will be utilised to reduce asset and liability maturity mismatches; reduce interest rate risk of the company by way of debentures carrying a fixed interest rate and lock in medium term guaranteed funding.
Joint managers to the issue were Capital Alliance Partners Ltd., People’s Bank Investment Banking Unit and Abans Corporate Finance Division.
www.ft.lk
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