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People's Merchant Bank Limited (PMBL) recently sourced Rs. 200 million in medium term funds, on behalf of Orient Financial Services Corporation Limited (OFSCL). The entire facility was granted by the Bank of Ceylon (BoC).

The two-year facility carried a variable interest rate, pegged to the Average Weighted Prime Lending Rate (AWPLR). Monies raised through this facility will be utilised to further augment OFSCL's fund base and to pursue its aggressive growth strategy. The term loan of Rs. 200 million follows an asset backed debt issue to the value of Rs. 50 million, placed by PMBL for OFSCL, in September 2005.

Having commenced its operations in 2003, OFSCL has a lease portfolio of over Rs. 2 billion. Recently, OFSCL also struck an alliance with the Ashok Leyland Company of India, to import the popular "Tusker" brand of lorries.

OFSCL is a fully owned subsidiary of United Motors Lanka Ltd, which in turn is mainly held by the apparel giant Readywear Industries Ltd.

PMBL has featured prominently in debt market transactions, having structured and placed several securitisations, debenture issues and loan syndications for its clients.

Key shareholders of PMB are People's Bank, DPMC Financial Services Ltd and South Bridge Capital Investments (Sri Lanka) Ltd.

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