Cairo Education concludes EGP 800M future flow securitization
Updated 11/6/2022 10:18:49 AM
Arab Finance: Cairo Education (CIRA) has successfully completed the issuance of its future flow securitization at a value of EGP 800 million, according to a press release published on November 6th.
This marks the first issuance under a securitization program worth EGP 2 billion.
The issuance comprises three tranches; the first worth EGP 96 million with a tenor of three years, the second valued at EGP 304 million with a tenor of five years, and the third tranche worth EGP 400 million with a tenor of seven years.
The three tranches received a credit rating of “A” from Middle East Ratings and Investor Services (MERIS).
EFG Hermes Holding (HRHO) acted as financial advisor on the transaction, while Zulficar and Partners Law Firm serves as legal counsel.
Qatar National Bank Alahli (QNB Al Ahli) (QNBA), Banque Misr, Ahli United Bank Egypt, and Arab International Bank act as guarantors on the transaction, with the latter acting as the custodian.
Moreover, aiBANK, the recently acquired bank by EFG Hermes, participated in the subscription.
