GB Corp’s subsidiary closes EGP 1.65B securitized bond issuance
Updated 12/31/2023 10:34:00 AM
Arab Finance: GB Lease and Factoring, a subsidiary of GB Corp, has wrapped up its eighth EGP 1.645 billion securitized bond issuance, as per a disclosure on December 31st.
The offering consists of three tranches, the first of which is worth EGP 280 million, with a tenor of 13 months and a rating of AA+ from Middle East Ratings and Investor Services (MERIS).
Meanwhile, the second tranche is valued at EGP 790 million with a tenor of 36 months and an AA rating from MERIS, and the EGP 575 million third tranche carries a tenor of 56 months and received a rating of A.
Capital for Securitization was the bond issuer, while the Commercial International Bank (CIB), Ahly Pharos, and CI Capital served as advisors, mandate lead arrangers, and bookrunners.
CIB also acted as custodian and placement agent, along with being the underwriter with the National Bank of Egypt (NBE), Ahly Pharos, and Suez Canal Bank (SCB).
Dreny & Partners was the legal advisor, and KPMG served as the auditor.
