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| Friday, 23 July 2004 |
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People's Merchant Bank raises Rs 60 m for Ceylease People's Merchant Bank Limited (PMBL) recently structured and placed asset backed debentures to the value of Rs 60 Mn, on behalf of Ceylease Financial Services Limited (CFSL). The entire issue was taken up by National Savings Bank, whilst Deutsche Bank AG acted as the Trustee to the issue. The debentures are secured by a quality portfolio of leases/mortgage loans and the tenure of these debentures ranged from three months to one year. Monies raised through this placement of debentures will be utilised to further augment CFSL's fund base and to pursue its aggressive growth strategy. This is the second asset backed debenture issue by CFSL, having successfully completed a similar issue to the value of Rs. 100 Mn, in 2003. CFSL has achieved consistent profit growth during the last few years and they recently obtained a BBB- (sri) national long rating, from Fitch Ratings Lanka Ltd, in respect of its long term, unsecured senior debt. A 50 per cent subsidiary of Bank of Ceylon, CFSL's other share holders include the Brandix Group and Union Assurance Ltd. |
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