(Reuters) – Sri Lanka’s state-owned 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 government 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.” (Reporting by Ranga Sirilal; Writing by Shihar Aneez; Editing by Paul Tait)