B.TECH has closed an almost EGP 1 bn securitized bond issuance, according to a joint statement (pdf) from the electronics retailer and our friends at CIB, who managed the issuance. The transaction, which is the second in a two-year, EGP 5 bn securitization program, included two tranches that were rated P1.

Remember: B.TECH kicked off its EGP 5 bn program in January with an EGP 1.04 bnthree-tranche bond issuance.

Where’s the money going? “The bond issuance will provide the needed cash liquidity to reinforce B.TECH’s positioning as a market leader, cater to customers’ needs, and capitalize on available investment opportunities,” B.TECH CEO and Chairman Mahmoud Khattab said.

** We sat down with Khattab last month for our founder of the week column. Khattab also spoke with us in 2022 after Saudi Arabia’s Public Investment Fund (PIF) acquired a 34% stake in B.TECH, buying it from private equity outfit DPI, which invested in 2016.

Who bought into the offering? SAIB Bank, Al Ahli Bank of Kuwait, aiBANK, and CI Capital subscribed to the issuance, while Ahli United Bank and Al Baraka Bank were underwriters.

Advisors: CIB acted as the sole lead arranger, manager, and advisor. EG Bank acted as the custodian, Dreny & Partners was counsel, and Baker Tilly acted as auditor.

DATA POINT– Companies have raised EGP 81.4 bn from securitization so far this year, up 79%from 2022, according to data tracked by Enterprise.

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