CI Capital wraps up EGP 884M securitized bond issuance for Reefy Microfinance Enterprise Services
Updated 11/6/2024 10:29:00 AM
Arab Finance: CI Capital has successfully concluded the EGP 884 million securitized bond issuance for The Egyptian Company for Securitization, on behalf of Reefy Microfinance Enterprise Services, which serves as the originator of the portfolio, as per an emailed press release.
The bond was issued in three tranches, with the first valued at EGP 378 million, with a tenor of six months, while the second tranche is worth EGP 355 million, with a tenor of 12 months.
The first and second tranches received a Prime 1 rating from Middle East Ratings and Investor Services (MERIS).
The third tranche, valued at EGP 151 million, with a tenor of 18 months, received a rating of A-.
“CI Capital is proud to conclude Reefy’s issuance, the second transaction as part of its three-year, EGP 3 billion program,” Amr Helal, CEO (Sell-Side) of the Investment Bank at CI Capital, commented.
“The completion of the second issuance with an excellent credit rating marks an important milestone for Reefy, as it provides additional financing capacity and lowers our financing costs,” Ahmed Labib, Managing Director and CEO of Reefy, said.
CI Capital served as the financial advisor, issuance manager, bookrunner and lead arranger in the issuance, while Baker Tilly was the financial auditor, and Zaki Hashem & Partners acted as the issuance’s legal advisor.
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