BusinessA consortium of leading local banks, comprising the Bank of Ceylon, NDB Bank and National Savings Bank, has raised a syndicated loan of US$25 million (Rs 4.5 billion at current rates) for Sri Lanka’s high rise property development Altair. The syndicated loan made up of US Dollar component and Sri Lanka Rupee component is repayable in 18 months with a grace period of six months, the release said. We commend the three banks for their positive approach to the opportunity presented by Altair.”The short term syndicated loan was arranged by NDB Investment Bank Ltd (NDBIB) and Bank of Ceylon. In a letter to buyers of apartments at Altair, Indocean Developers said the security offered under this loan is the only encumbrance placed on the project. Altair is a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience.

Source: Sunday Times October 08, 2019 07:52 UTC