KARACHI, Nov 5: Pakistan Services Limited (PSL), owners and operators of Pearl Continental Hotels, has decided to issue listed term finance certificates (TFCs) of Rs700 million.

Out of Rs700 million, Rs500 million has been privately placed with financial institutions and Rs200 million is being offered to the general public, says a press release of PSL. The TFC is being issued for the purpose of restructuring of their balance sheet and augment their permanent working capital base.

The issue has a tenure of five years and carries a floating rate set at 225 basis points above the State Bank of Pakistan discount rate with a floor of 9.75 per cent per annum and a cap of 13.75 per cent per annum.

The public subscription is scheduled for November 11 and 12 during banking hours. National Bank, Union Bank and AKD Securities are the advisor and arrangers of the issue while Union Bank is also acting as the trustee.