CIB, the leading private-sector bank in Egypt, announced that it has successfully closed the Second securitization issuance for Global Corp for Financial Services worth EGP 1.284 billion as part of a three-year shelf registration program for EGP 5 bn.
The issuance comprises four tranches; The first Tranche with an amount of EGP 200 million, a tenor of 13 months. The second Tranche with an amount of EGP 533 million, a tenor of 37 months. The third tranche with an amount of EGP 484 million, a tenor of 60 months. The fourth tranche with an amount of EGP 67 million, a tenor of 70 months Rated AA+, AA, A+, A respectively by MERIS (Middle East Rating & Investor Service).
CIB acted as the Financial Advisor, Arranger, Issuance Manager, Custodian, Subscription Receiving Bank and Underwriter. While Abu Dhabi Commercial Bank acted as a Subscriber.
Dereny Law Office acted as the Legal Advisor, whereas, KPMG Hazem Hassan were the official transaction Auditor.
Commenting on the issuance, Mennan Awadallah, Head of Debt Capital Markets at CIB, said,‘We are very proud of the success of this issuance and attribute it to our team’s commitment to consistent value creation.
We are delighted to continue supporting Global Corp to achieve its growth plan in leasing and factoring services which contributes to Promote inclusive and sustainable economic growth”.