Alliance Finance goes for Rs. 200 m debt via private placement

Friday, 17 December 2010 02:25 - - {{hitsCtrl.values.hits}}

Alliance Finance Company Plc’s Board has resolved to go ahead with a private placement of Rs. 200 million worth of debt via a private placement.

It will issue 200,000 rated unlisted unsecured subordinated redeemable debentures of Rs. 100 each.

NDB Investment Bank is functioning as the structuring and placement agent to the issue.

RAM Ratings Lanka yesterday said it has reaffirmed Alliance Finance Company Plc’s (“AFC” or “the Company”) respective long-and short-term financial institution ratings at BBB and P2. Concurrently, RAM Ratings Lanka has assigned a long-term rating of BBB- to AFC’s proposed LKR 200 million unsecured subordinated redeemable debentures.

Alliance Finance...

The outlook on the long-term ratings is stable. AFC’s ratings are supported by the Company’s moderate financial performance and capitalisation as well as its reputable franchise.