Sri Lanka Telecom hopes to tap the overseas market to raise up to US$ 100 mn via bonds for its expansion plans next year.
The issue, which is likely to come out next March or April, will be the first overseas debt paper to be offered by any Sri Lankan firm.rn
rnldblquote The size of the bond issue will be in the range of 75 to 100 million dollars. The proceeds will be used to retire some of our current loans, and fund our expansion plans, dblquote SLTs Head of Investor Relations, Mohan Ratnayake told Lanka Business Online.rn
rnHe said the company was talking to a few overseas investment banks, to look at the possibility of raising the bonds from markets like Hong Kong, Singapore or London.rn
rnSLTs short-term local debt currently carries a SL AA+ credit rating from Fitch Ratings Lanka Ltd.rn
rnThe telecom giants net profits took a 26 percent dip for the first nine months of this year, due to hefty early retirement package and IPO costs.rn
rnNet profits fell to Rs. 1.788 bn from Rs. 2.425 bn