ECONOMYNEXT – Singer Finance Plc will issue 10 million bonds at 100 rupees each to raise 1 billion, the company said.
The tier 2, listed, rated, unsecured, subordinated, redeemable, high yield bonds will have a tenor of five years.
The issue is subject to receiving central bank and other regulatory approvals.
Singer Finance has a National Long-Term Rating of ‘BBB(lka)’; outlook stable, by Fitch Ratings. “SFL’s rating is based on our expectation of support from its parent, consumer-durable retailer, Singer (Sri Lanka) PLC (Singer, A(lka)/Stable),” the rating agency said in March.
Fitch also affirmed SFL’s outstanding senior unsecured debt at ‘BBB(lka)’ and outstanding subordinated unsecured debentures at ‘BB+(lka)’.
Singer Sri Lanka is part of one of Sri Lanka’s largest conglomerates, Hayleys.
Singer Finance stock was trading down at 19.00. (Colombo/Nov14/2024)