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Mercantile Leasing Limited (MLL), a trailblazer synonymous with the leasing industry in Sri Lanka, recently coalesced with People's Merchant Bank Limited (PMBL) to successfully raise Rs. 200 million in long-term funds.

MLL issued asset-backed debentures to the value of Rs. 200 million, which was the initial tranche of a total issue of Rs. 500 million.

These instruments were structured and placed by PMBL, who also act as Trustees to the issue. The first tranche was entirely taken up by Hatton National Bank Limited, a key shareholder of PMBL and a leading commercial bank in the country.

These debentures have been structured to provide MLL with a hedge against exposure to liquidity mismatches and interest rate fluctuations in the external environment. MLL will look to utilise these funds to further augment its long-term fund base.

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