MNT-Halan’s microfinance subsidiary, Tasaheel, has securitized $150 million in the first issuance of a $600m program with Commercial International Bank (CIB) as part of the subsidiary’s loan bank.
The proceeds will be used to “fuel the company’s accelerated growth across multiple lending business lines and MNT-Halan’s expansion into new verticals,” according to the company’s press release.
The issuance was oversubscribed by 2x and consists of 137,000 contracts with the participation of regional and local financial institutions such as: Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Agricultural Bank of Egypt and the Housing and Development Bank.
“We are especially pleased with the confidence that investors have placed in our company. CIB’s role was instrumental. This transaction marks our first securitization and ensures our continued growth as we expect our loan book to exceed US $2 billion over the next couple of years. This will be driven by our digital strategy capitalizing on synergies and venturing into new verticals,” Mounir Nakhla, CEO of MNT-Halan, said.
CIB served as financial advisor and general arranger of the transaction, with National Bank of Egypt serving as co-financial advisor and underwriter. Arab Africa International Bank and NI Capital served as underwriters.Maatouk, Bassiouny and Hennawy served as legal advisors.
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