Sri Lanka’s Pan Asia Bank to issue 20mn debt

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Sep 07, 2015 (LBO) – Sri Lanka’s Pan Asia banking corporation will issue a 20 million debt with an option to issue more, the Company said in a stock exchange filling.

“We will issue 20,000,000 rated , unsecured, senior, redeemable debentures with an option to issue up to a further 10,000,000 debentures and with a further option to issue up to 10,000,000 of said debentures at the discretion of the bank in the event of an over subscription of the initial issue,” the statement said.

The Colombo Stock Exchange has approved in principal an application for listing the debt of the Bank and subscription will open on 23rd September 2015.

People’s bank investment banking unit and Pan Asia banking corporation will jointly manage the debt issue.