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| Sunday, 5 December 2004 |
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Business |  |
| News Business Features Editorial
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PMBL raises Rs. 250m for PLC People's Merchant Bank Ltd (PMBL) structured and placed lease backed trust certificates to the value of Rs. 250 m, on behalf of People's Leasing Company Ltd (PLC). The entire issue was taken up by Commercial Bank of Ceylon Ltd, whilst Deutsche Bank AG acted as the Trustee to the issue. The unique feature of this debt issue was that, the notes with tenures falling within the first 2 years carried a fixed rate of interest, whilst a variable rate (AWPLR plus) was applicable for the balance 2 years. In a scenario when investors are shy to lock in on the long term, this 4 year instrument could be viewed as a welcome change. These trust certificates are secured by a quality portfolio of leases and the monies raised will be utilized to further augment PLC's fund base and to pursue its aggressive growth strategy. This is the third issue of lease backed trust certificates arranged by PMB for PLC, having successfully completed two similar issues to the value of Rs. 200 m and Rs. 150 m, previously. During 2004, PLC also issued the first ever rated (SLA rating) lease backed trust certificate in Sri Lanka to the value of Rs. 500 m. |
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