Beltone Leasing and Factoring completes EGP 1.33B securitization
Updated 10/22/2024 9:40:00 AM
Arab Finance: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, has concluded its first securitization issuance, raising EGP 1.33 billion,as per a disclosure.
The issuance was overseen by Beltone Investment Banking’s Debt Capital Markets Division, which acted as the financial advisor, issuance manager, and bookrunner.
The offering, which saw an oversubscription rate of 1.5x, is divided into three tranches: Tranche A, valued at EGP 164 million with a 12-month tenor and rated AA+ by Middle East Rating and Investors Service (MERIS); Tranche B, worth EGP 945 million with a 36-month tenor, rated AA; and Tranche C, valued at EGP 224 million with a 48-month tenor and rated A.
Key players in the transaction included the National Bank of Egypt (NBE) as custodian, Al Ahly Pharos as arranger, and First Abu Dhabi Bank Misr (FABMISR) as co-arranger.
Underwriting was provided by NBE, FABMISR, Banque Du Caire, and Suez Canal Bank, with Industrial Development Bank participating as a subscriber.
Dreny & Partners offered legal advisory, while KPMG served as the external auditor.
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