{"id":547524,"date":"2022-06-26T03:16:04","date_gmt":"2022-06-26T03:16:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/"},"modified":"2022-06-26T03:16:04","modified_gmt":"2022-06-26T03:16:04","slug":"gb-autos-drive-closes-first-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/","title":{"rendered":"GB Auto\u2019s Drive closes first bond issuance"},"content":{"rendered":"

<\/a> GB Auto\u2019s car finance arm Drive Finance has closed its first EGP 700 mn corporate bond <\/strong>issuance<\/strong> as part of a wider EGP 2 bn program, according to a press release (pdf)<\/a>.<\/p>\n

Where the money\u2019s going: <\/strong>The proceeds will be used to \u201cdeleverage Drive\u2019s balance sheet\u201d and unlock further chances for growth, the release read. The issuance is designed to diversify Drive's sources of funding, Marina Kamal, investor relations head at GB Auto, told Enterprise.<\/p>\n

Further down the road: <\/strong>Drive expects to go ahead with the rest of the program over the next two years, Kamal told us.<\/p>\n

About Drive:<\/strong> A subsidiary of GB Auto\u2019s financing arm, GB Capital, Drive offers factoring and car loans to individuals and companies. The company landed a consumer finance license in 2021.<\/p>\n

Advisers: <\/strong>CIB was the sole arranger and adviser for the issuance. Dreny and Partners acted as the legal advisor, and Change Consultants audited the issuance, Kamal told Enterprise.<\/p>\n

EDITOR'S NOTE- Corrected on 26 June, 2022<\/em><\/p>\n

An earlier version of this story incorrectly stated that the program is for securitized bonds. Drive's program is for regular corporate bonds. The story has also been updated to reflect that CIB was the sole arranger and adviser for the issuance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

GB Auto\u2019s car finance arm Drive Finance has closed its first EGP 700 mn corporate bond issuance as part of a wider EGP 2 bn program, according to a press release (pdf). Where the money\u2019s going: The proceeds will be used to \u201cdeleverage Drive\u2019s balance sheet\u201d and unlock further chances for growth, the release read. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,241,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547524","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-gb-auto","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"135091b7-9840-40c6-a0bb-9a0f58ac8de0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547516],"teaser":"","voice_url":""},"yoast_head":"\nGB Auto\u2019s Drive closes first bond issuance - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Auto\u2019s Drive closes first bond issuance\" \/>\n<meta property=\"og:description\" content=\"GB Auto\u2019s car finance arm Drive Finance has closed its first EGP 700 mn corporate bond issuance as part of a wider EGP 2 bn program, according to a press release (pdf). 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Drive completed a EGP 425 mn issuance last week, marking the first such offering by a factoring company in Egypt.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576330,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/19\/gb-lease-eyes-last-minute-securitized-bond-issuance-in-2020\/","url_meta":{"origin":547524,"position":1},"title":"GB Lease eyes last-minute securitized bond issuance in 2020","author":"enterpriseam admin","date":"19 November 2020","format":false,"excerpt":"DEBT WATCH- GB Lease eyes last-minute 2020 securitized bond issuance: Ghabbour Auto\u2019s financial leasing arm, GB Lease, could potentially issue EGP 1 bn in securitized bonds before the year is out to finance the expansion of its leasing activities, a senior company official told Enterprise. There are currently no details\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595177,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/18\/fra-targeting-a-total-of-egp-16-bn-in-securitized-bond-issuances-in-2019\/","url_meta":{"origin":547524,"position":2},"title":"FRA targeting a total of EGP 16 bn in securitized bond issuances in 2019","author":"enterpriseam admin","date":"18 September 2019","format":false,"excerpt":"\u00a0The Financial Regulatory Authority (FRA) is targeting a total of EGP 16 bn in securitized bond issuances in 2019, of which EGP 10 bn have already been issued, Sayed Abdel Fadeel, head of the FRA\u2019s corporate finance department, told Al Mal. 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