Loans and borrowings include a long-term syndicated loan led by the International Finance Corporation (IFC) of USD 345 Million at 6-month-LIBOR + 3.5% interest rate. The full loan amount of USD 345 Million has been drawn down in multiple tranches, the repayment of which is in 10 installments. The first 3 installments have been repaid in October 2015, April 2016 and October 2016, and current outstanding loan balance is USD 241.50 Million. The final installment is scheduled to be paid in April 2020. The syndicate members include IFC, DEG, FMO, Proparco, CDC and OFID. This financial liability has been recognised at amortised cost as per IAS/BAS 39 Financial Instruments: Recognition and Measurement.
Current portion of loans and borrowings include short-term bank loan of BDT 2,688,200,000 (2015: BDT 4,600,000,000) and the part of the above long-term syndicated loan falling due for repayment in next 12 months.
Rating Agency: Credit Rating Agency of Bangladesh Limited
Long Term Loan
Short Term Loan
Valid till 31 December 2017.
To read the Rating Award Letter, please click here