People’s Leasing & Finance Rs. 6 b debenture issue snapped up

Wednesday, 20 March 2013 01:50 - - {{hitsCtrl.values.hits}}

People’s Leasing &Finance PLC announced yesterday that the entire debenture issue of Rs.6 billion has been oversubscribed.

The issue, which opened yesterday, comprised of 30,000,000 listed, senior, unsecured, redeemable and rated debentures at a par value of Rs. 100 each, amounting to Rs. 3 billion and a further 30,000,000 debentures totalling up to a maximum of 60,000,000 debentures worth Rs. 6 billion.

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.

The oversubscription of the debenture on the opening day reflects the trust placed in People’s Leasing & Finance PLC by the people of Sri Lanka. The country’s largest non-banking financial institution and the leader in leasing, People’s Leasing & Finance has been awarded a rating of ‘B+’ by Fitch Ratings International, a ‘B+/B’ by Standard & Poor’s and a ‘AA-’ by Fitch Lanka.

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.