EFG Hermes advises on Sylndr’s EGP 370M asset-backed financing facility
Updated 11/25/2024 2:18:00 PM
Arab Finance: EFG Hermes, an investment bank in the Middle East and North Africa (MENA) region, has completed its advisory role for Sylndr on an EGP 370 million working capital facility, as per an emailed press release.
Sylndr, an Egypt-based online platform for used cars, will utilize the financing to bolster its growth strategy and operational capabilities.
The deal marks a milestone in Egypt’s financial landscape as the first asset-backed working capital solution tailored to Sylndr’s innovative business model.
The structured facility is designed to provide scalable, ring-fenced financing that accommodates Sylndr’s unique legal and financial framework, paving the way for future expansions and additional lending partnerships.
This facility aligns with Sylndr’s mission to transform Egypt’s used car market through a trusted, transparent platform for buying, selling, and financing high-quality vehicles.
The company plans to use the funds to enhance customer experience, diversify inventory, and expand financing options, reinforcing its position as a leader in Egypt’s automotive sector.
EFG Hermes acted as the sole financial advisor for the deal, with EFG Corp-Solutions, Bank NXT, and EG Bank among the lenders.
Legal advisory services were provided by Adsero for Sylndr and Sarie-Eldin & Partners for the lenders.
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