EGX-listed Al Tawfeek Leasing (ATLC) closed a EGP 1.85 bn securitized bond issuance, the first under its new securitization program and its sixth to date, according to a press release (pdf). The offering was backed by a portfolio of future leasing receivables, with proceeds earmarked for shoring up the company’s balance sheet and financing its expansion pipeline.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Who bought in: Local lenders CIB, National Bank of Egypt, Banque Misr, and Banque du Caire participated in the offering, alongside regional player Attijariwafa Bank.

The issuance’s structure: The issuance came in three floating-rate tranches linked to the CBE overnight lending rate plus an unspecified margin. The tranches have tenors ranging from 25 to 48 months and ratings ranging between AA+ and A.

ADVISORS- Al Ahly Pharos and CI Capital acted as arrangers, managers, and financial advisors on the transaction. CIB, NBE, Banque Misr, and Banque du Caire underwrote the issuance, with NBE serving as the subscription receiver and Banque Misr as the custodian. ALC Alieldean Weshahi & Partners provided counsel and UHY served as the auditor.

Tags: