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Commercial Bank’s Rs5bn debenture issue opens on Oct 24

Commercial-Bank

Oct 17, 2016 (LBO) - Sri Lanka's Commercial Bank of Ceylon second issue of debentures for 2016 is to open on 24th October, the bank said in a statement. The Bank is seeking to raise 5 billion rupees with an option to increase it by a further 2 billion to strengthen its Tier II capital and to raise long term funds for expansion.

The Listed, Rated, Unsecured, Subordinated, Redeemable Debentures in the denomination of 100 rupees will be offered in two tenures – Type A with a five year tenure and Type B with a 10 year tenure, the Bank said. The five-year debentures will carry a fixed interest rate of 12 percent p.a. (AER 12.36%) payable semi-annually, while the ten-year debenture will offer a fixed interest rate of 12.25 percent p.a. (AER 12.63%), also payable semi-annually. The minimum subscription per application is 10,000 rupees or 100 debentures. Applications in excess of the minimum subscription should be in multiples of 10,000 rupees or 100 debentures. The debentures are rated AA- (lka) by Fitch Ratings Lanka Limited. Commercial Bank’s National Long-Term Rating has been affirmed at AA (lka)/Stable by Fitch Ratings Lanka Limited. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue. More details of the debenture issue can be obtained from the prospectus on the Bank’s website www.combank.lk and the CSE’s website www.cse.lk and are available at all stockbrokers. The issue will close in 14 market days of its opening date unless oversubscribed before the closing date.

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