Originally launched with a base issue of LKR 5 billion, the debenture issue included an option to raise an additional LKR 2 billion in the event of an oversubscription.
Following overwhelming interest, the full LKR 7 billion was successfully subscribed on the opening day.
The debentures, rated ‘AAA (lka)’ by Fitch Ratings Lanka Limited - the highest possible rating for a similar instrument in Sri Lanka - offered investors a choice of tenures : five-year fixed rate, five-year floating rate, and three-year fixed rate options.
The proceeds from the issue will be utilised to reprofile the existing short-term debt, further strengthening the Group’s balance sheet and liquidity position.
Commenting on the outcome, Hayleys PLC Chairman and Chief Executive Mohan Pandithage said,
“The enthusiastic response to our debenture issue is a clear endorsement of the Hayleys Group’s financial stability, reputation, and diversified earnings base.
We remain committed to delivering sustained value to all stakeholders as we continue to grow across our diverse sectors.”
The issue was jointly managed by Hayleys Group Services (Pvt) Ltd and Commercial Bank of Ceylon PLC, while Commercial Bank of Ceylon PLC and HNB Investment Bank (Pvt) Ltd served as joint placement agents.
Hayleys has a strong track record in the capital market, having previously completed successful debenture issues in 2015, 2018, and 2019, all of which have been duly serviced on time, reinforcing the Group’s reputation for reliability and prudent financial management.