People's Merchant raises Rs. 100 mn for Ceylinco Development Bank
TRUST CERTIFICATES: People's Merchant Bank Limited (PMBL)
recently structured and placed Rs. 100 Mn in lease backed trust
certificates on behalf of Ceylinco Development Bank (CDB).
These trust certificates are secured by a quality portfolio of leases
and their tenure ranges from three months to one year. An attractive
fixed rate of interest was attached to each trust certificate based on
their respective tenures. Funds raised through this issue will be
utilised to further augment CDB's fund based operations and to pursue
its aggressive growth strategy.
The legal documentation for the issue was carried out by Nithya
Partners, while PMBL are the trustees for the issue.
CDB is the development banking arm of the Ceylinco Consolidated, a
leading business conglomerate in the country.
CDB services are spread over a spectrum of financial services both
fee and fund based including Project financing, business loans, leasing,
trade financing bills discounting, management consultancy services and
Bancassurance.PMBL has featured prominently in debt market transactions,
having structured and placed several securitisations, debenture issues
and loan syndications for its clients.
Key share holders of PMBL are People's Bank, DPMC Financial Services
Ltd & South Bridge Capital Investments (Sri Lanka) Ltd. |