Business Desk :
Pran Agro Limited, one of the country’s leading agro-processing companies, has successfully closed its Tk210 crore guaranteed bond recently.
The company will utilise the proceeds to strengthen its agro processing infrastructure to develop a greater agricultural supply chain in the country.
This is a milestone for the growing bond market of the country as international life insurer Metlife has been the single investor of the taka-denominated bond for the first time here. Also, the guarantee in US dollar terms, equivalent to $25 million, by international firm GuarantCo came with it for the first time here.
Pran secured the Bangladesh Securities and Exchange Commission’s (BSEC) approval to issue the first ever corporate bond with international guarantee in September last year. The BSEC then said the issuer would pay 8-10% interest against the redeemable bond.
Local investment banks Green Delta Capital and Riverstone Capital are the trustee and lead arranger of the bond respectively.
Pran organised a virtual ceremony for successfully closing the bond on Monday where speakers expressed their optimism that bonds would increasingly cater to the financing needs of the growing Bangladeshi corporations.
