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Monday, 19 March 2018 01:47 - - {{hitsCtrl.values.hits}}
Seylan Bank Plc intends to raise Rs. 10 billion via BASEL III-compliant debentures with the issue opening on 21 March.
The bank will be offering 60 million fully-paid, BASEL III compliant Tier II, listed, rated, unsecured, subordinated, redeemable debentures of Rs. 100 each with a non-viability conversion with an option to issue a further 40 million debentures in the event of an oversubscription of the original amount.
Fitch has assigned debentures a National Long-Term Rating of ‘BBB+’.
The debentures are to have maturities of five, seven and 10 years, and carry fixed coupons. Seylan plans to use the proceeds to fund loan growth and to strengthen its funding and Tier 2 capital bases.
The joint managers to the issue are Capital Alliance Partners and People’s Bank’s Investment Banking Unit.
