GB Corp’s auto financing arm Drive has raised EGP 1.4 bn via a securitized bond issuance,GB Corp said in a statement(pdf) yesterday. The issuance, which was 1.7x oversubscribed, is the first in Drive’s three-year EGP 5 bn securitization program. The bond’s three tranches were rated AA+, AA, and A by the Middle East Ratings and Investors Service (MERIS).

Where the money’s going: The funds will help Drive deleverage its balance sheet to increase its borrowing limits, improve liquidity, and expand its financing portfolio, the statement read.

Advisors: CIB acted as the financial advisor, and Arab African International Bank (AAIB) acted as the sole bookrunner and joint underwriter alongside Ahli United Bank (AUB). Dreny & Partners was counsel, and KPMG served as the auditor.

DATA POINT- Companies have raised EGP 78.9 bn from securitization so far this year, up 78% from the same period last year, according to data tracked by Enterprise.

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