Access Engineering closes debenture issue at Rs. 4.4 b

Access Engineering Plc said its latest debenture issue has been closed following receipt of applications worth over Rs. 4.4 billion.

It will accept all applications received until 4.30 p.m. today (13 November). 

It offered 30 million rated, senior, unsecured, redeemable debentures of Rs. 100 each with option to issue a further 20 million debentures in the event of an oversubscription of the original figure bringing the total value to Rs. 5 billion.

Rated SL A+ by ICRA Lanka Ltd., the issue offered four types of debentures with tenor ranging from five to eight years at fixed rate interest spanning 10.25% and 10.95% with annual effective rate of 10.51% and 11.25% respectively and payable semi annually.

Fund raised are to be used as part financing of the construction of Access Tower 2 at Union Place, Colombo 2 and design and construction of 941 housing units at Henamulla, Colombo 15.