Soneri Bank Limited listed its 2nd Term Finance Certificates (TFC) at a Gong Ceremony on Wednesday held at the Karachi Stock Exchange (KSE). This TFC will serve to further bolster Soneri Bank’s well capitalized balance sheet and support growth.
Soneri Bank Limited successfully raised Rs 3,000 million through this TFC. Of the total issuance amount, Rs 2,250 million was raised through private placement and the remaining amount of Rs 750 million was raised through the initial public offering that took place on July 7 and 8, 2015.
The total demand received was Rs 3,810 million against total issue size of Rs 3,000 million, oversubscribed by Rs 810 million or 1.3x times. Arif Habib Limited was the lead advisor, arranger and underwriter for the transaction.
Profit payment shall be made semiannually at a floating rate of 6 month KIBOR plus 135 basis points per annum. Some 0.30 percent of the principle will be redeemed in the first 90 months and remaining principle of 99.70 percent at maturity at the end of the 96th month.
According to KSE, the trading in the TFC commenced on August 19, 2015. Transactions will take place in Soneri Bank Limited’s TFCs through the Bonds Automatic Trading System and will be settled on a T+1 basis.
The TFC has already been declared as eligible security by the Central Depository Company of Pakistan Limited and all the transactions will be settled through the National Clearing Company of Pakistan Limited, which has assigned “SNBLTFC2” as the symbol.
