TMG tapping securitized bond market again
Talaat Moustafa Group (TMG) subsidiary Al Rehab Securitization plans to issue EGP 885 mn in securitized bonds to finance the development of TMG’s real estate projects, sources told Al Shorouk. No further details on the timeline for the issuance were given. In a statement (pdf) earlier this month, the FRA said that five companies were planning seven securitized bond issuances worth a combined EGP 9.3 bn in the near future, though the names of the companies were not disclosed.
Advisors: EFG Hermes will act as financial advisor and will manage the issuance, while two other unnamed banks also playing a role. Need a refresher on securitized bonds? We have one for you here.
IN OTHER DEBT NEWS:
- Egyptian fertilizer company Evergrow will receive a USD 312 mn loan from a syndicate of Egyptian banks led by the National Bank of Egypt.
- Oil company Oilex will receive a EGP 2 bn loan from a syndicate of banks led by the National Bank of Egypt and First Abu Dhabi Bank to fund the extraction and production of vegetable oils.
- Another TMG subsidiary, the Arab Company for Projects and Urban Development, is seeking a EGP 1.2 bn facility from an unnamed bank for the development of its EGP 33 bn Celia project in the new capital, Al Shorouk reports.
- The Finance Ministry is acting as guarantor for a EGP 100 mn facility the New Urban Communities Authority is receiving from local banks.