Wednesday, May 08, 2013
BEIRUT (Zawya Dow Jones)--The Lebanese lenders BLC Bank and Bemo Securitisation said they have successfully closed a $185 million securitization deal for Solidere (SOLA.LE)--the country's biggest listed company.
"This transaction constitutes the largest ever asset-backed issuance in the local capital markets," the two banks, which jointly arranged the deal, said in a statement.
The giant property and urban developer will use the proceeds to partly finance its real estate development and infrastructure activities on the [Beirut] waterfront, according to the statement.
The deal entails setting up a securitization fund to liquidate a portion of Solidere's portfolio of land sale receivables at face value, the statement said, adding that this portfolio represents the financing granted by Solidere to its clients.
Solidere, whose full name is The Lebanese Company for the Development and Reconstruction of Beirut Central District, was established in 1994 for the purpose of reconstructing the areas of the city's central district that were damaged by the Lebanese civil war. It later expanded its operations overseas through its affiliate Solidere International.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
08-05-13 0747GMT
