Global Corp issues EGP 1.32B in securitization bonds
Updated 8/11/2024 7:19:00 AM
Arab Finance: The non-banking financial services provider GlobalCorp has issued its sixth securitization bonds valued at EGP 1.32 billion, following receiving approval from the Financial Regulatory Authority (FRA), as per an emailed press release.
The issuance is part of a larger EGP 10 billion program and is structured across three tranches with credit ratings from the Middle East Rating and Investors Service (MERIS).
Tranche (A) is worth EGP 745 million with a 25-month maturity and a credit rating of (AA+), tranche B is valued at EGP 385 million with a 37-month maturity and a credit rating of (AA), and tranche C amounts to EGP 190 million with a 48-month maturity and a credit rating of (A).
The issuance was managed and arranged by Commercial International Bank (CIB) and Al Ahly Pharos as the financial advisors, with the National Bank of Egypt (NBE) as the subscription receiver and Banque Misr as the custodian.
Al-Derini & Partners Law Firm provided legal advisory services for the issuance, and Baker Tilly served as the auditor.
Established in 2015, Global Corp offers a range of financial services, including factoring, leasing, and securitization, catering to both large corporations and small to medium enterprises.
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