Business Times

LOLC to issue Rs 1 bln listed, unlisted debentures

Lanka ORIX Leasing Company PLC (LOLC) will be issuing unsecured listed debentures upto a value of Rs. 1 billion and a further unlisted debenture of Rs. 500 million. The managers to the issue will be First Capital Ltd, while the trustee will be Bank of Ceylon, the company said in a statement.

Picture shows the Trustee Deed for the issuing of listed debentures being presented. From left (back row) - Ms. Thanuja Jayawardene, Senior Associate, Nithya Partners; Ms. Chrishanthi Emmanuel, Company Secretary, LOLC; Ms. Darshini de Silva, Senior Manager, Corporate Finance, First Capital Ltd; Chandima Desinghe, Head of Capital Markets and Fund Management, First Capital Ltd; and W. Y. Bandula, Chief Manager – Investments, Bank of Ceylon. (Front Row): P. A. Lionel, DGM – Investment Banking, Bank of Ceylon; Kapila Jayawardena, Group Managing Director/CEO, LOLC; Rohan Perera, Group Treasurer, LOLC; and Sanjaya Kalidasa, Manager – Treasury, LOLC.

These Senior, Unsecured, Redeemable, Rated Debentures will be for tenures of 4 and 5 years and will carry semi annual interest coupons of 11.70% and 11.90%, respectively. These debentures have been assigned a national long term rating of A- (lka) by Fitch Ratings (Lanka) Ltd. The rating of A- indicates LOLC’s high credit quality and strong payment capacity of financial commitments.

“The funds raised through the debenture will be utilized to retire part of the company’s short-term debt, thereby better aligning the maturity profile of LOLC’s assets and liabilities and further strengthening the balance sheet structure of the company. In addition to the current issue, LOLC as an innovative group of companies is also planning to issue listed debentures, open for international investors as well. This will enable LOLC to access a wider pool of funds, taking into consideration the strong relationship that LOLC maintains with its foreign funding partners and investment funds,” it said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
BOI confusion continues despite 30 investment project approvals
e-Channelling to stream unchartered waters with leisure, diamonds and media
Another Chinese firm gets contract in Colombo Port expansion
Foreign exchange at SL supermarkets
Kotelawala finally indicted in GK fraud
Lessons on governance
COMMENT - Wanted:More courageous Sri Lankans
Rubber tree should not only be for latex but for carbon trading too!
Some 60% of LOLC's profits from financial services
East Expo-2011 in Trinco in Sept.
LOLC to issue Rs 1 bln listed, unlisted debentures
Truth behind Pyramid Schemes
Simple approach to portfolio diversification and investment returns
Shift in the paradigm of thinking – A need of the time
TradeCard;tapping a wealth of talent and resources in Sri Lanka
RAM maintains 'BBB+' and 'P2' for state-owned CGF
Economic Review’s special issue on Golden Jubilee of People’s Bank
Sri Lanka’s oil exploration programme to undergo technical and structural changes
SriLankan offers attractive fares, cuts prices by upto 20%
New President, Association of Corporate Lawyers Sri Lanka
HSBC connects Galle to its global network
SL needs a game changer to energise investment: Industry
Is a market recovery on the horizon......?
Exchange Traded Funds before December
ILO urges US to restore GSP benefits to Sri Lanka
Unilever’s production plant at Horana EPZ to start soon
Solidarity as the next source of profitability for all
Ageing population rises while savings rate falls
Sri Lanka Cooperative Movement celebrates its centenary
Much touted capitalism just like socialism, seen failing as development strategy
Carsons-controlled Singapore group acquires new plantation entity in Rs 4.2 bln buyout
SLIC aims to become a diversified conglomerate
Sri Lankan MPs to be trained on economic governance
No independent directors at Hayleys
Ogilvy & Mather marks Centennial of Founder’s Birth with Cannes Celebration
Saudi Arabia bans domestics after the Philippines imposed conditions for employing their nationals
Seylan Bank organises health camp at Horana
Lankan 'Entrepreneur of the Year' on November 23


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution