| Issuer | Hatton National Bank PLC | |||||||||||||
| Type of instrument | Subordinate, Unsecured, Redeemable, Rated Debentures | |||||||||||||
| Investment value of the issue |
Sri Lanka Rupees Five Billion (LKR 5,000,000,000/-) with an option to raise further up to Sri Lanka Rupees One Billion (LKR 1,000,000,000/-) at the discretion of the Bank in the event of an oversubscription. Oversubscription herein refers to subscriptions above Sri Lanka Rupees Five Billion (LKR 5,000,000,000/-). |
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| Number of Debentures to be issued | An initial issue of fifty Million (50,000,000) Debentures with an option to issue up to a further Ten Million (10,000,000) of said Debentures at the discretion of the Bank in the event of an oversubscription of the initial Issue. Oversubscription herein refers to subscriptions above Fifty Million (50,000,000) of said Debentures. |
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| Interest Rates, Tenor and Yield |
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| Issue Price / Par Value |
LKR 100/- per Debenture | |||||||||||||
| Issuer Rating | AA- (lka/Stable) by Fitch Ratings Lanka Limited | |||||||||||||
| Issue Rating | A+(lka) by Fitch Ratings Lanka Limited | |||||||||||||
| Issue Opening Date | 25 October 2016 | |||||||||||||
| Listing | The Debentures will be listed on the Colombo Stock Exchange |
| Issuer | Hatton National Bank PLC | |
| Joint Managers to the Issue | Acuity Partners (Pvt) Ltd NDB Investment Bank Ltd |
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| Type of instrument | Subordinate, Unsecured, Redeemable, Rated Debentures | |
| Amount raised | An initial issue of LKR 4 Billion with an option to raise further LKR 2 Billion in the event of an over subscription of the initial issue and a further LKR 1 Billion in the event of an oversubscription of each tranche | |
| Number of Debentures to be issued | Forty Million (40,000,000) Debentures with an option to issue up to a further Twenty Million ( 20,000,000) Debentures in the event of an oversubscription of the initial issue and a further Ten Million (10,000,000) Debentures in the event of an oversubscription of each tranche | |
| Tenure | 5 Years - Redeemable at maturity | |
| Interest rate and payment | Fixed Rate - 11.25% p.a. payable Annually (AER 11.25% p.a.) | |
| Par value of Debentures | LKR 100/- | |
| Issuer credit rating | AA-(lka)with a stable outlook by Fitch Ratings Lanka | |
| Instrument rating | ‘A+ lka)’ by Fitch Ratings Lanka | |
| Tax on interest income | The Debenture interest income will be exempt from Income Tax as per present tax legislations. However, statutory taxes and dues that may be brought in subsequently will be deducted. Comparable rate for a 10% tax payer - 12.50% p.a. Comparable rate for a 15% tax payer - 13.24% p.a. Comparable rate for a 30% tax payer - 16.07% p.a. |
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| Issue Opening Date | 16 March 2016 | |
| Listing | Listing by a Prospectus issue via an Offer for Subscription at the Colombo Stock Exchange |
