GP Capital’s subsidiary closes EGP 1.4B securitized bond issuance
Updated 5/19/2024 1:23:00 PM
Arab Finance: Drive Finance, a subsidiary of GB Capital, has closed its fifth securitization bond issuance at a value of EGP 1.4 billion, as per an emailed press release.
This marks the second issuance in the EGP 5 billion fifth securitization program by Capital Securitization.
The issuance is divided into three tranches; the first of which is worth EGP 546.8 million, with a tenor of 13 months and an AA+(sf) credit rating from the Middle East Rating & Investors Service (MERIS).
Meanwhile, the second tranche is valued EGP 644.9 million, with a tenor of 36 months and an AA(sf) rating, and the EGP 210 million third tranche carries a tenor of 58 months and received a rating of A (sf).
The Commercial International Bank (CIB) served as the transaction’s financial advisor, manager, arranger, and promoter.
The Arab African International Bank acted as the custodian, underwriter, and subscription recipient.
El-Derini Law Office was the legal advisor for the issuance, while Sherif Mansour Dabus – Russell Bedford was the auditor.
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