Al Taamir for Leasing and Factoring (Al Oula) has raised EGP 1.77 billion ($57.3 million) through a securitised bond issuance, which was more than 1.7 times oversubscribed.
The issuance, executed via El Taamir Securitization, is split into three tranches: a EGP 637 million tranche with a 25-month tenor rated AA+, a EGP 422 million tranche with a 37-month tenor rated AA-, and a EGP 712.85 million tranche with a 55-month tenor rated A-, all assigned by Middle East Ratings and Investor Services (MERIS). The company’s leasing and factoring portfolio exceeded EGP 8.5 billion.
CI Capital was the sole financial advisor, issuance manager, bookrunner and lead arranger. Baker Tilly served as auditor and Barakat, Maher & Partners in association with Clyde & Co acted as legal advisor to the issuance.
(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com