People’s Leasing to raise $ 150 m; debt security to list on S’pore Bourse

Industry's biggest People’s Leasing Plc yesterday announced plans to raise $ 150 million (nearly Rs. 20 billion) via senior unsecured notes and to list same on the Singapore Bourse.

The notes will be offered and sold outside the US as per regulations under the US Securities Act as well as outside Sri Lanka.

The company has also made an application for the listing of the notes on the Singapore Exchange Securities and Trading Ltd.

Meanwhile, Fitch Ratings said yesterday it has assigned PLC Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of ‘B+’ with a Stable Outlook.

PLC’s IDRs reflect the capacity and willingness of its State-owned and systemically important parent – People’s Bank (PB, ‘AA+(lka)’/Stable, a 75% stake) – to extend extraordinary support to the PLC group in an extreme situation. This in turn is driven by PLC’s strong association with the PB brand and its strategic importance to PB.