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Wednesday, 15 April 2020

Premium International closes EGP 172 mn securitized bond sale

DEBT WATCH- Premium Int’l closes EGP 172 mn securitized bond sale: Premium International for Credit Services has completed a EGP 172 mn short-term securitized bond offering, the second round of a EGP 2 bn securitization program it launched last year, Chairman Paul Antaki said. The nine-month bonds carry a fixed yield of 10.77% and will mature in January 2021. Premium, a consumer finance firm whose only product is Premium Card, sold EGP 169 mn of the asset-backed securities in the first round last October.

Advisors: EFG Hermes acted as sole financial adviser and lead manager; it was also co-underwriter along with the AAIB. KPMG Hazem Hassan was financial auditor and Dreny & Partners Law Firm acted as legal counsel.

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