GB Corp’s car finance arm Drive Finance has raised EGP 1.4 bn in securitized bonds, the second of a three-year EGP 5 bn securitization program the company kicked off in December, the company said in a statement (pdf). The issuance — which was more than 2x oversubscribed — came in three tranches, rated AA+, AA, and A, by the Middle East Rating and Investors Services (MERIS).

Where is the money going? And while the statement doesn’t detail how the funds will be used, the company’s head of finance said that the continued diversification of the company’s funding has helped it expand its financing services and expand geographically.

Advisors: CIB served as the financial advisor, issuance manager, and arranger, while the Arab African International Bank was underwriter of the issuance as well as the sale’s custodian. Dreny & Partners was counsel, and Russell Bedford Sherif Dabbous acted as auditor.

Tags: