EFG Holding closes advisory on CIRA Education’s EGP 700M securitized bond issuance
Updated 11/1/2023 12:23:00 PM
Arab Finance: EFG Holding has successfully concluded advisory on an EGP 700 million future flow securitized bond issuance for CIRA Education, according to an emailed press release on November 1st.
This marks CIRA Education’s second issuance under a wider issuance program worth EGP 2 billion.
EFG Holding served as the transaction's co-underwriter along with Arab African International Bank (AAIB), Albaraka Capital, Suez Bank, and Banque Misr.
EFG Hermes for Securitization served as the transaction's special purpose vehicle (SPV).
AAIB acted as the custodian and Albaraka Bank as the subscriber to the issuance.
The transaction's legal counsel was Zulficar and Partners Law Firm, and PwC served as the auditor.
“Uniquely secured by future revenues generated by CIRA Education, this bond structure paves the way for the participation of a diverse array of investors, thanks to its favorable investment grade rating, and offers a novel avenue for both public and private sector entities to access liquidity,” Co-Head of Investment Banking at EFG Holding Mostafa Gad stated.
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