Senkadagala Finance announces basis of allocation for debt issue

Senkadagala Finance (SFIN) yesterday announced the basis of allotment for its oversubscribed five million senior, unsecured redeemable, listed, rated debenture issue.

Applications for up to and including 180,000 debentures – 100% allotted (option 1, 2, 3 and 4 of both fixed interest and floating interest rates).

Beyond180,000 debentures – 180,000 debentures and 1.56% of the debentures applied over and above 180,000 debentures rounded to the nearest Rs. 100.

The Rs. 1 billion debenture issue of SFIN was oversubscribed on its official opening day last week.

Fitch assigned a BBB+ rating on the debentures.

SFIN’s issue was five million rated, unsecured, redeemable debentures at Rs. 100 each with an option to issue up to a further five million debentures in the event the initial five million debentures are oversubscribed.

Debentures were of four and three years of tenure with floating and fixed rate options. For example, fixed rate on four-year instrument was 17.25% per annum and 17% on the three-year tenure.