BOC to raise Rs. 8 b via listed debentures

Monday, 1 September 2014 00:14 - - {{hitsCtrl.values.hits}}

Bank of Ceylon (BOC) will be raising Rs. 8 billion via the issuance of listed debenture issue. It will make available 40 million unsecured subordinated redeemable debentures at Rs. 100 each with an option to issue an equal amount in the event the initial figure is oversubscribed. The debentures, which have tenures of five and eight years and carry fixed and floating coupons, are to be listed on the Colombo Stock Exchange. BOC expects to use the proceeds to strengthen the bank’s regulatory Tier 2 capital base and reduce asset and liability maturity mismatches. Fitch Ratings Lanka has assigned Bank of Ceylon’s (BOC; BB-/Stable) proposed subordinated debentures a final national long-term rating of ‘AA (lka)’ The public can subscribe to the new debenture issue of BoC from Wednesday whilst its official opening is 16 September. BOC’s Investment Banking Division are the managers and registrars to the issue.

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