ArabFinance: GB Auto announced that its subsidiary GB Lease has completed its fourth securitized bond offering in the amount of EGP 2.041 billion, according to a statement released on January 3rd.

Proceeds from the transaction will be used to deleverage GB Leases balance sheet to improve its liquidity position, create new borrowing limits with lender banks, the statement highlighted.

The offering consists of three tranches with tenors of 13, 37 and 60 months, respectively, with the first receiving a rating of AA+, the second AA and third A by Middle East Rating & Investors Service (MERIS).

GB Auto posted a consolidated net profit of EGP 629.189 million in the first nine months of 2020.

The Egypt-based automotive company's main activities include trading, distributing, and marketing of all transportation means, including heavy trucks, semi-trucks, passenger cars, buses, agriculture tractors, and pick-ups.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.