Hayleys to raise Rs.4bn via debt issue

Diversified conglomerate Hayleys PLC will raise Rs.4 billion via debentures.

The company has received the preliminary approval to list the debt instruments on the Colombo Stock Exchange. Hayleys will issue 30 million rated, unsecured, senior, redeemable five-year debentures of Rs.100 each with an option to issue up to further 10 million debentures in the event of an oversubscription of the initial issue. The subscription list of the issue will open on July 24.

The joint managers to the issue are Capital Alliance, NDB Investment Bank and People’s Bank Investment Banking Unit.

PW Corporate Secretarial Private Limited functions as the registrars to the issue.

The group, which hit the one billion dollar mark in top line gains last financial year—a rare feat for a Sri Lankan company—has heavy gearing, largely due to a string of acquisitions it carried out, including the white goods seller Singer Sri Lanka and Sri Lanka 
Shipping Company.