Dreny & Partners with GB Lease &Factoring on securitization

Dreny & Partners advised GB Lease & Factoring 1st securitization transaction of their 11th multi-issuances program for their financial leasing portfolio amounting to EGP 1.82 Billion. The operation is part of a wider 3-year multi-issuance program with a total value of EGP 15 billion.

The issuance was backed by a receivables portfolio originated by GB Lease & Factoring, and was comprised of four tranches: Tranche A amounting to EGP 429,500,000 rated (AA+(sf)), Tranche B valued at EGP 558,700,000 rated (AA(sf)), Tranche C valued at EGP 455,000,000 rated (A(sf)), Tranche D valued at EGP 376,800,000 rated (A- (sf)) by the Middle East Ratings and Investors Service (MERIS).

CIB and CI Capital acted as the financial advisors and lead arrangers of the transaction. Furthermore, CIB Bank, Arab African International Bank, National Bank of Egypt and Banque du Caire were underwriters, CIB Bank the custodian, and Banque du Caire the bookrunner of the transaction. Additionally, Fathalla & Co. United Accountants and Ahmed Yehia Auditors were the official auditor for the transaction.

The D&P team

D&P team includes: managing associate Metwally Sweify, associate Aya Khaled and junior associate Abdelrhman Amgad. From the capital markets procedures team: head of capital market procedures team Nagy Ebeid and associate Mohamed Youssef.