Sri Lanka’s LB Finance Rs2.0bn debt oversubscribed

Nov 19, 2013 (LBO) – A 2.0 billion rupee debt sale by Sri Lanka’s LB Finance has been oversubscribed and close on its opening day, an official said. The offer is managed by Merchant Bank of Sri Lanka.

LB Finance, a registered finance company offered debt paying 14 percent monthly ( annual effective rate of 14.93 percent) 14.5 percent every six months (annual effective rate of 15.03 percent) and 15 percent debt paying annually.

The subordinated debt has a tenor of 5-years.