Sri Lanka state dairy firm financed by HSBC

July 04, 2013 (LBO) - Sri Lanka's state-run Milco (Pvt) Ltd, a dairy products firm, is modernizing it factories with a 5.

5 billion rupee credit structured by UK's HSBC banking group, a finance ministry report showed.

Milco markets and sells 'Highland' branded milk powder, liquid milk, ice cream and cheese.

HSBC has previously helped channel European exports credits to state backed projects.

HSBC Limited in Hong Kong had provided 28.7 million Euros as buyer's credit (4.

79 billion rupees) at 200 basis points above the 6-month London Interbank Offered Rate, a half percent structuring fee and 1.

0 percent commitment fee on the undisbursed balance.

HSBC Colombo had provided 5.06 million Euro at 600 basis points above Libor.