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    HRHO   EGS69101C011

EFG-HERMES HOLDING S.A.E

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EFG Hermes E : Concludes Advisory on SODIC's First, EGP 343 Million Securitized Bond Offering

07/27/2021 | 05:20am EDT
EFG Hermes Concludes Advisory on SODIC's First, EGP 343 Million Securitized Bond Offering

27 July 2021

(Cairo, 27 July 2021)

EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), and SODIC for Securitization S.A.E., SODIC's wholly owned subsidiary, announced today the successful conclusion of the latter's first securitization issuance. EFG Hermes acted as sole arranger on the EGP 343 million issuance which is the first in an EGP 1 billion securitization program for SODIC.

The bond is backed by a receivables portfolio of some EGP 384 million, representing future instalments for 753 delivered units in SODIC's East Cairo project Eastown Residences and North Coast project Caesar. The securitization bond was met with solid interest from investors and was heavily oversubscribed, which is a testament to the strength of SODIC's operational and financial performance and EFG Hermes' unmatched track record in the debt capital market (DCM) space.

The bond comprises of two tranches: Tranche A is valued at EGP 235 million, with a tenor of 13 months, a credit rating of AA+ from Middle East Ratings and Investor Services (MERIS), and a fixed coupon rate of 9.55%. Tranche B is valued at EGP 108 million, with a tenor of 36 months, a credit rating of A from MERIS, and a fixed coupon rate of 9.9%. Both tranches were credited.

Commenting on the transaction Omar Elhamawy, SODIC's Chief Financial Officer, said: 'We are very proud of the success of this transaction. The issuance of SODIC's first securitization bond highlights our efforts to diversify our funding sources and benefit from the decline in interest rates. We are constantly exploring different funding options to enable growth and support to ongoing operations while maintaining the strength and liquidity of our balance sheet and financial position.'

Maged El Ayouti, Managing Director & Deputy Head of Investment Banking, commented: 'Partnering with SODIC on their debut securitization offering which has attracted substantial interest from financing providers' falls directly in line with our strategy to provide our clients with access to funding solutions that are tailored to their needs. Our partnership with industry heavyweights such as SODIC only serves to solidify the strength, dedication, and ability of our team to grow our capabilities in the debt capital markets space.'

EFG Hermes acted as the financial advisor, arranger, manager, promoter, and co-underwriter for the transaction along with National B ank of Egypt (NBE), Commercial International Bank (CIB), Arab African International Bank (AAIB), and Suez Canal Bank. In addition, White & Case acted as the legal advisor, and KPMG acted as the financial auditor for the issuance, with CIB acting as the custodian.

About SODIC

SODIC is one of the region's leading real estate development companies, currently developing a number of diversified projects in Egypt. SODIC's developments in East and West Cairo and Egypt's North Coast range from residential, retail and commercial projects to large scale mixed-use developments. SODIC is listed on the Egypt's Stock Exchange (Ticker OCDI). For more information please visit www.sodic.com.

For further information, please contact:

Engy Emad

Senior Media Relations Manager

TRACCS Egypt

Mobile: 010 0900 2207

Email: engy.emad@traccs.net

About EFG Hermes

With a current footprint spanning thirteen countries across four continents, EFG Hermes started in Egypt and has grown over 37 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track-record and a team of more than 5,500 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire MENA region.

In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, consumer finance, mortgage and insurance. This falls in line with the Firm's strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States.

For further information about EFG Hermes, please visit www.efghermes.com and stay connected with us:

For further information, please contact:

EFG Hermes Media

media@efg-hermes.com

May El Gammal

Group Head of Marketing & Communications

melgammal@efg-hermes.com

Note on Forward-Looking Statements

In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes' belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management's control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

Disclaimer

EFG Hermes Holdings SAE published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 09:19:02 UTC.


ę Publicnow 2021
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Sales 2021 5 474 M 350 M 350 M
Net income 2021 1 382 M 88,2 M 88,2 M
Net Debt 2021 - - -
P/E ratio 2021 8,13x
Yield 2021 0,35%
Capitalization 11 031 M 702 M 704 M
Capi. / Sales 2021 2,02x
Capi. / Sales 2022 1,69x
Nbr of Employees 825
Free-Float 65,5%
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Karim Aly Awad Saleh Salama Group Chief Executive Officer & Executive Director
Mohamed Khaled M. Khabir Group Chief Financial Officer
Mona Salahuddin Zulficar Non-Executive Chairman
Mohamed El-Wakeel Group Chief Operating Officer
Abdel Wahab Mohammed Gadayel Group Chief Risk & Compliance Officer
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