Softlogic Finance in Rs 500m securitisation deal

Softlogic Finance PLC concluded its latest securitisation transaction that will enable the company to access funding of Rs 500 million to grow and develop the business of the company for the current quarter.

The transaction, signed recently has drawn considerable interest and full subscription from a number of diverse investors that include commercial banks, development banks and other institutional investors.

The tenor of the transaction was for two years and will enable the company to enhance lending volumes in the initial part of the year and potentially gain by re-financing with lower interest rates towards the latter part of the period. The trustee to the transaction was Deutsche Bank AG.

The transaction was arranged by Liege Capital. "We are pleased to have successfully completed this financing transaction which solidifies our presence as an active capital markets player," said Director and Chief Executive of Softlogic Finance, Nalin Wijekoon. "The securitisation by Softlogic Finance was developed as a stable funding source to push its aggressive business plans with this transaction being the 20th securitisation completed by the company. Total assets of the company increased by 31% while loan volume increased by 22% for the financial year ending March 2013," a spokesman for the company said.