CI Capital closes EGP 700M securitized bond issuance for Reefy

Updated 8/7/2023 10:30:00 AM
CI Capital closes EGP 700M securitized bond issuance for Reefy

Arab finance: The diversified financial services group CI Capital has wrapped up an EGP 700 million securitized bond issuance for Reefy Microfinance Enterprise Services, according to an emailed press release on August 7th.

The issuance is part of a three-year program valued at EGP 3 billion.

The bond was offered in three tranches: the first is valued at EGP 317 million with a tenor of 6 months and a credit rating of Prime 1 from the Middle East Ratings and Investors Service (MERIS) and the second is worth EGP 273 million with a tenor of 12 months and a credit rating of Prime 1.

The third tranche amounts to EGP 110 million with a tenor of 19 months and a credit rating of A from MERIS.

CI Capital served as the financial adviser, issuance manager, and lead arranger in the issuance, while Banque Misr acted as underwriter.

Meanwhile, Matouk Bassiouny & Hennawy acted as the legal advisor and Baker Tilly was the issue's financial auditor.

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