Sampath Bank owned registered finance company Siyapatha Finance has announced that the company is offering a debenture Issue to raise up to Rs.2.5 billion. Accordingly, the company will initially issue up to Rs. 2 billion debentures with an option to issue up to a further Rs.500 million worth debentures at the discretion of the Company, in the event of an oversubscription of the initial issue.
The debentures will be issued as Listed Rated Senior Unsecured Redeemable which will be issued as senior debt of the company and listed on the Colombo Stock Exchange (CSE) via an initial public offering.
The Debentures will come in two interest options Type A that comes with an interest rate of 13% per annum paid annually and Type B – with an interest rate of 13.5% per annum paid annually. Further the capital investment will be paid as Bullet Capital Repayments at the end of the tenure of the debenture. (JA)