People’s Leasing and Finance Rs. 6 b debenture issue opens today

Tuesday, 19 March 2013 01:25 - - {{hitsCtrl.values.hits}}

The much-awaited debenture issue by People’s Leasing & Finance PLC opens today, 19 March 2013.

The issue will comprise of 30,000,000 listed, senior, unsecured, redeemable and rated debentures at a par value of Rs. 100 each, amounting to Rs. 3 billion. The company reserves the right to issue a further 30,000,000 debentures totalling up to a maximum of 60,000,000 debentures worth Rs. 6 billion in the event of an oversubscription.

The Managers to the issue are Taprobane Wealth Plus Ltd. and Investrust Capital Ltd., whilst Deutsche Bank AG acts as the Trustee to the issue. Fitch Ratings Lanka has assigned a final national long term rating of (AA-) to these debentures.

Founded in 1995, People’s Leasing & Finance PLC (PLC) is Sri Lanka’s unshakable leader in the leasing sector. In the past 16 years, People’s Leasing has built an extraordinary tradition of excellence in all spheres of leasing and is now the established market leader.

PLC’s customers range from individuals to SMEs to blue chip companies in every corner of the island. The company has contributed immensely to the country’s economic growth and the quality of life of millions of Sri Lankans. The People’s Leasing Group has diversified to include six subsidiaries, united under PLC’s name. Customers can now obtain insurance, finance, microfinance and fleet management services under one roof.

PLC’s user-friendly product range, nationwide outreach and strong foundation of talented management and staff have made the company immensely profitable. The company is now a major contributor to the success of its parent company, People’s Bank.

As a subsidiary of People’s Bank, the group enjoys the strength and recognition of its parent and the flexibility of the private sector. PLC currently holds a stable outlook with international and local ratings. Ratings as of now stands at Fitch Ratings International (‘B+’ Rating), Standard & Poor’s (‘B+/B’ Rating) and Fitch Lanka ‘AA-(lka)’.