Dec 03, 2010 (LBO) – Singer Sri Lanka, a unit of Dutch-based Retail Holdings, has raised 1.4 billion rupees through a mix of a loan and an unsecured redeemable debenture, placement agent NDB Investment Bank (NDBIB) said. NDBIB said Singer raised 400 million rupees through an unsecured loan and one billion rupees through an unsecured redeemable debenture which was rated ‘A-(lka) with a stable outlook by Fitch.
The money would be used to refinance short term debt.
The new debt has a tenor of 3 years and is priced on the average weighted prime lending rate, an official told LBO.
Deutsche Bank is the trustee to the issue, and NDBIB placed and structured the deal.
Singer is a top retailer of consumer durables in the country and also manufactures some products. It sells sewing machines, white goods, furniture, agro equipment, kitchen appliances, computers and communication products.
Singer has been in Sri Lanka since 1877.
A financing unit Singer Finance is now making an initial public offering. Singer (Sri Lanka) PLC is 86 percent-owned by Singer Asia, which in turn is 56.8 percent-owned by Retail Holdings N.V of the Netherlands.