LOLC to raise US $ 150mn via Singapore listed bonds

Lanka Orix Leasing Company (LOLC) yesterday said it would be setting up a multi-currency medium terms note programme on the Singapore Stock Exchange, having identified the avenue as a viable source for funding.

In a filing to the Colombo Stock Exchange (CSE) LOLC said it would issue foreign currency denominated notes/bonds for US $ 150 million (SGD 175 million) under this programme and they will be listed in the Singapore Stock Exchange. LOLC said the proposed data for the registration of the programme on the Singapore Stock Exchange was August 8, 2016 and stressed no bonds would be issued on the said registration date. The company also said stated that the bonds/notes would not be directly or indirectly offered or sold in Sri Lanka. 

“The offering circular prepared for this purpose should not be constructed as an offer to members of the public in Sri Lanka or as containing an offering to the members of public in Sri Lanka,” LOLC said.
Having received the nod from the Central Bank of Sri Lanka, LOCL said the bond/note issuance would take place upon the receipt of the approval from the Securities and Exchange Commission (SEC).