DFCC Vardhana Bank’s Rs5bn Debt Issue Oversubscribed


June 4, 2015 (LBO) - Sri Lanka's DFCC Vardhana Bank said, that it issued five billion subordinated and senior unsecured listed redeemable rated 5-year listed debt in order to raise 5 billion rupee funds to utilize for on-going lending activities of the bank. The “Type A”, senior, unsecured, listed, redeemable, rated five year (2015/2020) debentures was offered, at par 100 rupees per each with a fixed coupon rate of 9.10 percent payable annually. The company offered , Type B, subordinated, unsecured, listed, redeemable, rated five year (2015/2020) debentures at par 100 rupees per each with a fixed coupon rate of 9.
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40 percent payable annually. “The debenture will be utilized for the on-going lending activities of DVB as part of its normal course of business in reducing asset and liability maturity mismatches, reduce interest rate risk of the bank by way of debentures carrying a fixed interest rate and lock-in medium term guaranteed funding.” The bank said. The firm received applications of 4.
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42 billion rupees for Type A and 4.21 billion for Type B, totaling 8.6 billion rupees. The debt issue was managed by Capital Alliance Partners Limited and Acuity Partners (Pvt) Limited, with DFCC Banks Funding and Capital Markets Division as structuring partner.
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