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Ports Authority to sell two $500m bonds this year
May 04, 201202:21 PM
Sri Lanka’s Port Authority is likely to sell two $500 million 10-year bonds this year to repay a series of yen-denominated loans and finance its investment projects, a top official said on Friday.
“Initial expectation is to get $500 million, but our target is to get $1 billion to offset our yen loans and finance a few investment projects,” Sri Lanka Ports Authority (SLPA) Chairman Priyath Wickrama told Reuters in an interview.
“We will go for the first $500 million most probably around July and another $500 million within this year. We are trying for 10-year tenure as all the projects are long-term investments in nature. So going for a 5-year bond is not that practical,” he said. - Reuters
