Tasaheel Microfinance, a subsidiary of MNT Halan that specializes in financing small and medium-sized projects, plans to issue bonds worth EGP 3.8bn in December. This will be the second bond issuance by the company this year, following an earlier issuance of EGP 3bn in November.
The company aims to use the proceeds from the issuance to reduce its financial leverage by repaying some of its loans and securing new bank financing. This will enable the company to continue its rapid growth through diverse lending products and expand into new sectors.
CI Capital will act as the financial advisor, arranger, promoter, and issuance manager for the bond issuance, while KPMG, represented by Hazem Hassan, will be the financial auditor. Matouk Bassiouny & Hennawy Law Firm will serve as the legal advisors.
The previous bond issuance by Tasaheel Microfinance was structured into four tranches with different maturity periods and credit ratings. The first and second tranches, valued at EGP 952m and EGP 506m respectively, had the highest credit rating of P1. The third tranche, worth EGP 541m, had an A+ rating, and the fourth tranche, amounting to EGP 1.036bn, had an A rating. The credit ratings were assigned by MERIS – Middle East Credit Rating & Investor Services.
Tasaheel Microfinance is part of the MNT-Halan group, which also includes “Mashrooi” for light vehicle financing and “Halan” for consumer financing. In July 2021, the company obtained the first license to conduct microfinance activities for small and medium-sized enterprises from the Egyptian Financial Regulatory Authority.
