Sri Lanka’s Softlogic Finance raises Rs500mn in debt

May 28, 2013 (LBO) – Sri Lanka’s Softlogic said it had raised 500 million rupees in two year funds by selling securitized debt. The firm said commercial banks, development banks and institutional investors had subscribed to the issue, arranged by Liege Capital with Deutsche Bank as trustee and Nithya Partners as lawyers.

The funds raised by securitizing lease and hire purchase receivables will be used to grow lending in the current quarter. Softlogic said the latest securitized issue was the 20th by the company.

The firm said it now had an asset base of 13 billion rupees. The firm said loans assets grew 31 percent in the year to March loans grew 22 percent and deposits 48 percent.

Softlogic provides leases, hire purchase, personal finance, business finance and gold loans, through 17 branches and 24 gold loan centres. It is rated BBB-/P3 by RAM Rating with a stable outlook.