Large Loan

May 01, 2007 (LBO) – Bank of Ceylon said it had completed Sri Lanka's largest international syndicated loan when it raised 210 million dollars in a 3-year facility arranged by HSBC. "The success of this loan syndication epitomises the resourcefulness of the global giant HSBC in being able to draw on their international expertise and reach in order to attract international investors to Sri Lanka at very competitive pricing," the Bank of Ceylon said in a statement.

"It is a further testament to the growing reputation and increasing internationalisation of the borrower, Bank of Ceylon, and the country as a whole, in the eyes of the global investor community."

The loan was raised through a syndicate of 21 financial institutions in Asia, the Middle East and Europe.

It had previously raised 130 million dollars in foreign markets.

The bank said the loan agreement was signed on April 27 following road shows held in Singapore, Bahrain and the UAE.

Originally in the market for 100 million dollars, the Bank of Ceylon was eventually able to raise 210 million dollars.

General Manager B A C Fernando said the oversubscription and the low rate of 0.5 percent above t