Lanka Rating Agency
18-Oct-24
Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk
Applicable Criteria
- Methodology | Debt Instrument Rating | Aug-24
Related Research
- Sector Study | Holding Company | Mar-24
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Lanka Rating withdraws Debt Instrument Rating of LOLC Holdings PLC - LKR 05Bn Listed Rated Senior Unsecured Redeemable Debentures
| Rating Type | Debt Instrument | |
|
Current (18-Oct-24) |
Previous (29-Jul-24) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A |
| Outlook | Stable | |
| Rating Watch | - | Yes |
With the maturity of the debt instrument, Lanka Rating withdraws the rating of LOLC Holdings PLC - LKR 05Bn Listed Rated Senior Unsecured Redeemable Debentures with immediate effect.
About
the Entity
LOLC Holdings PLC ("the HoldCo") is a Public Quoted Company incorporated in 1980. The HoldCo became the Holding Company of the Group in 2011. The largest shareholding of the HoldCo lies with Mr. Ishara Nanayakkara (a leading business entrepreneur) with an ownership of around 80%.
About
the Instrument
LOLC Holdings PLC has issued LKR 5Bn, Listed, Rated, Senior, Unsecured, Redeemable debentures each worth LKR 100/-. The debentures had a tenure of 5 years. Type A Debenture coupons were paid semi - annually at the fixed rate of 15% p.a. (AER – 15.56%) and Type B Debenture coupons were paid semi - annually at a floating rate of weekly AWPLR + 2.5% p.a. The objective of the issue was to finance the five (05) year Rated, Senior, Unsecured, Redeemable Debentures of LKR 5 Bn matured on 24th November 2019.