Singer Finance drops high-yield bond issue to raise Rs. 2 b via debentures

Singer Finance PLC will not proceed with the high-yield bond issue mooted late last year and instead plans to raise Rs. 2 billion via debentures. 

The company said the Board of Directors approved an issuance of Tier 2 subordinated, listed, rated, unsecured, redeemable five-year debentures of Rs. 100 each to raise a maximum of Rs. 2 billion at the discretion of the company.

The issue will be carried out subject to the company complying with the Colombo Stock Exchange (CSE) listing rules applicable for such point of time, along with receiving approval from the Central Bank of Sri Lanka (CBSL) and all other necessary regulatory approvals.