Cairo – Ghabbour Auto (GB Auto) has announced that its subsidiary GB Real Estate Mortgage Finance concluded EGP 734 million securitised bond offering.

Proceeds from the offering will be exploited to cut the subsidiary’s debt and support its financial position, along with the creation of new credit channels with banks and the promotion of future growth plans, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The offering includes three tranches, with maturities of 13, 36, and 48 months, the company added.

The three tranches were rated at AA+, AA, and A, respectively, by Middle East Credit Rating and Investors Service (MERIS).

The 13-month tranche is valued at EGP 250 million with a variable yield of 0.4%.

In addition, the 36-month tranche totals EGP 429 million, while the 48-month tranche is valued at EGP 55 million.

Source: Mubasher

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