Softlogic Finance debenture issue oversubscribed
View(s):Softlogic Finance PLC debenture issue of Rs.1.4 billion was oversubscribed, a stock exchange filing stated on Thursday.
The company stated that it would be laundering an issue for 14 million debentures at Rs.100 each that would be opened on August 21 but was oversubscribed and was scheduled to close at 4.30 pm on the same date.
The debenture issue would ensure that the company would be able to access funding from banks, insurance companies and other fund managers.
Softlogic Finance was involved in raising funds through customer deposits and borrowing and in latter regard they would cashing in through loans and debenture issues.
The Rs.1.4 billion debenture issue announced is a 5-year instrument rated AAA by RAM Ratings with Guarantco, a Development Finance Institution (DFI) that has as its ultimate shareholder the UK government, acting as guarantors for the instrument.
Softlogic Finance is focused on the SME sector and the company has an annual plan to raise US$10 million as part of a funding plan for the company. This is the company’s second DFI transaction, the first of which was carried out last year through a foreign currency loan obtained through FMO, a Netherlands based company which has interests by the Dutch government.