GB Auto subsidiary GB Lease announced completing its first securitized bond issuance on Monday (pdf). The company will use the proceeds from the EGP 335 mn issuance to “deleverage GB Lease’s balance sheet to improve its liquidity position, create new borrowing limits with lender banks and support the company’s future plans.” The issuance consists of three tranches of EGP 154 mn with a tenure of 13 months and variable yield of 0.55%, EGP 167 mn with a tenure of 36 months and variable yield of 1.1%, and EGP 34 mn with a tenure of 60 months and variable yield of 1.7%. “I am very pleased to report that GB Lease’s inaugural securitized offering received a strong rating that reflects the careful building over many years of a strong, resilient, well-diversified portfolio,” GB Auto CEO Raouf Ghabbour said.

Tags: