Sri Lanka’s People’s Leasing & Finance PLC said the entire Debenture Issue of Rs.6 billion was oversubscribed on the issue opening day, March 19. The issue comprised 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 [...]

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People’s Leasing Rs 6 bln debenture issue oversubscribed on opening day

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Sri Lanka’s People’s Leasing & Finance PLC said the entire Debenture Issue of Rs.6 billion was oversubscribed on the issue opening day, March 19.

The issue comprised 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 (Pvt) Ltd and Investrust Capital (Pvt) Ltd whilst Deutsche Bank AG acts as the Trustee to the issue.

“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 Fitih Ratings International, a ‘B+/B’by Standard & Poor’s and a ‘AA-’ Fitch Lanka,” according to a company statement.

Taprobane manages People’s Leasing debenture

Taprobane Wealth Plus (Pvt) Ltd, a subsidiary of Taprobane Holdings PLC is managing the Rs.6 billion listed debenture issue of People’s Leasing & Finance PLC (PLC), which equals the largest listed debenture issue in the Colombo Stock Exchange (CSE), according to a company press release.
PLC witnessed an oversubscription of both the Rs.3 billion initial tranche and the balance tranche of Rs.3 billion on the opening day of the issue, it said. The listed, senior, unsecured, redeemable debenture issue was assigned an ‘AA-(lka)’ National Long-term rating by Fitch Ratings Lanka Ltd and was jointly managed by Taprobane Wealth Plus (Pvt) Ltd and Investrust Capital (Pvt) Ltd. The other parties to the Offer were; Trustees – Deutsche Bank AG, Colombo. Lawyers – Nithya Partners, Registrars – SSP Corporate Services (Pvt) Ltd, Bankers – People’s Bank and Auditors -Ernst & Young, Chartered Accountants.
“The success of PLC’s maiden listed debt issuance follows in the wake of the company launching a fresh corporate identity along with a new logo pursuant to obtaining the license to conduct finance business from the Monetary Board of the Central Bank,” the release said.



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