Hatton National Bank PLC's 10 year Senior Debt issue was oversubscribed shortly after it was opened yesterday and hence the issue was closed on the same day.
This was a an issue of 20 million Unsecured Senior Redeemable Debentures with the option to issue up to a further 10 million Debentures in the event the initial 20 million Debentures were oversubscribed with a face value of Rs. 100/- at a discounted price of Rs. 67.715.
Commenting on the issue, Mr. Jonathan Alles, the Managing Director / CEO of HNB PLC stated that "we are pleased to note the interest shown by the investors in our debenture series which far exceeded the total issue size and we are grateful to all investors for the trust and confidence placed on HNB. These proceeds will be used to fund the Bank's long term assets such as mortgages /leases and thereby strengthen the balance sheet growth"
The issue was managed by Capital Alliance Partners Ltd., while Deutsche Bank AG, Colombo act as the Trustee to the issue and SSP corporate Services (Pvt) Ltd are the Registrars to the Issue.