Bedaya Mortgage Finance, a subsidiary of EFG Hermes and GB Capital Group, is set to close a securitization transaction worth EGP 800m next month.
According to sources who spoke to DNE, the transaction is awaiting the approval of the Financial Regulatory Authority (FRA) and will use part of the proceeds to repay credit facilities and another part to expand the company’s financing portfolio.
The sources also said that EFG Hermes acts as the financial advisor, manager, arranger, promoter, and sole guarantor of the transaction, while Al-Derini & Partners Law Firm provides legal advice.
Bedaya completed its second securitization bond issuance of EGP 958m last March. It is the first non-banking real estate financing company in Egypt to offer its services through digital means. It is part of the Financial Hermes Holding Group, which operates under the non-banking financing sector.
The issuance was divided into six tranches, with the first tranche valued at EGP 156m and maturing in 13 months, the second tranche valued at EGP 49.2m and maturing in 36 months, and the third tranche valued at EGP 48.2m and maturing in 80 months. The remaining tranches were based on the portfolio revenue, with values of EGP 93m, EGP 262.9m, and EGP 453m, and maturities of 13 months, 36 months, and 84 months, respectively.