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Hemas Holdings PLC's five year Listed Unsecured Redeemable Debenture Issue Rated A+(lka) by Fitch Ratings (Lanka)was oversubscribed and closed in the early hours of the issue yesterday itself.
The initial issue was to raise Rs. 500 million with an option to increase up to a further Rs. 500 million at the discretion of Hemas in the event of an oversubscription. In light of the oversubscription of the initial issue and due to the keen interest of investors, Hemas decided to excise the green shoe option by raising up to Rs. 1,000 million.
Hemas intends to utilize the funds raised through this issue to convert a portion of the existing floating rate borrowings of both Hemas and its subsidiary companies (Group) to fixed rate and have a combination of both fixed rate and floating rate borrowings in their respective balance sheets. This will allow the Group to be in a better position to hedge against fluctuations in market interest rates in the medium term and reduce finance costs at Group level.
- See more at: http://www.dailynews.lk/?q=business/hemas-maiden-debenture-issue-oversubscribed#sthash.IfnWpTmy.dpuf
The initial issue was to raise Rs. 500 million with an option to increase up to a further Rs. 500 million at the discretion of Hemas in the event of an oversubscription. In light of the oversubscription of the initial issue and due to the keen interest of investors, Hemas decided to excise the green shoe option by raising up to Rs. 1,000 million.
Hemas intends to utilize the funds raised through this issue to convert a portion of the existing floating rate borrowings of both Hemas and its subsidiary companies (Group) to fixed rate and have a combination of both fixed rate and floating rate borrowings in their respective balance sheets. This will allow the Group to be in a better position to hedge against fluctuations in market interest rates in the medium term and reduce finance costs at Group level.
- See more at: http://www.dailynews.lk/?q=business/hemas-maiden-debenture-issue-oversubscribed#sthash.IfnWpTmy.dpuf
