August 24, 2017 / 12:29 PM / a month ago

Sri Lanka raises $550 mln more via 3-yr syndicated loan

COLOMBO, Aug 24 (Reuters) - Sri Lanka has used a greenshoe option to raise an additional $550 million through a three-year syndicated loan that was pre-funded by a six-bank group in early May, extending its total external borrowings through syndicated loan to $1 billion, a top treasury official said.

“We have received $550 million from the three-year syndicated loan at six-month LIBOR plus 2 percent rate. This is in addition to $450 million we had already raised,” S.R. Attygala, deputy treasury secretary told reporters in Colombo on Thursday.

The inflow could help stabilise market interest rates, Attygala said.

Bank of Baroda, Deutsche Bank, Indian Bank, Qatar National Bank, State Bank of India and Sumitomo Mitsui Banking Corp were the mandated lead arrangers and bookrunners of the loan.

Sri Lanka raised $1.5 billion from a 10-year bond at 6.20 percent, well inside the initial guidance of 6.625 percent early this year. (Reporting by Shihar Aneez; Editing by Biju Dwarakanath)

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