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People’s Leasing to raise Rs.6bn in debt

8 October 2015 02:34 am - 0     - {{hitsCtrl.values.hits}}

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People’s Leasing & Finance PLC (PLC), the leasing and finance arm of state-owned People’s Bank, is to raise up to Rs.6 billion by issuing senior unsecured debentures. 

The debenture issue will have tenures of four and five years with fixed-rate coupon payments. PLC plans to use the proceeds for working capital purposes, to diversify its funding mix and to reduce maturity mismatches.

Fitch Ratings has assigned the issue final national long-term rating of ‘AA-(lka)’ in line with PLC’s national long-term rating.
People’s Bank owns 75 percent of PLC.
 
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