Sri Lanka, May 7 -- Hayleys PLC saw its Rs. 7 billion senior unsecured redeemable debenture issue oversubscribe on the first day of opening.
Originally launched with a base issue of Rs. 5 billion, the debenture issue included an option to raise an additional Rs. 2 billion in the event of an oversubscription. Following overwhelming interest, the full Rs. 7 billion was subscribed on the opening day.
The debentures, rated 'AAA (lka)' by Fitch Ratings Lanka Limited, offered investors a choice of tenures: five-year fixed rate, five-year floating rate, and three-year fixed rate options. The proceeds from the issue will be utilised to reprofile the existing short-term debt, further strengthening the Group's balance sheet and liquidity position....