Palm Hills Development concludes 7th securitized bonds issuance

real estate - December 2, 2021

ArabFinance: Palm Hills Development Company (PHDC) announced it has successfully closed its 7th securitized bonds issuance, in collaboration with Sarwa Capital, a subsidiary of Contact Financial Holding Holding (CNFN), according to a press releas.

The issuance was backed by a receivables portfolio of about EGP 1.05 billion related to 331 delivered residential units.

The securitization issuance was carried out in four tranches, with ratings of AA+, AA, A+, and A-.

Sarwa Promotion and Underwriting has acted as the lead manager and arranger of the issuance.

Meanwhile, the National Bank of Egypt (NBE), Banque Misr, Misr Capital, the Commercial International Bank (CIB) (COMI), and Ahli united Bank have acted as the underwriters and co-arrangers of the transaction.

Moreover, Ali El-Din Weshai (ALC) has acted as the legal advisor for the issuance.

“I am very pleased with the successful closing of our 7th securitization transaction, bringing our gross securitized receivables portfolio to EGP 6.2 billion since we started the program back in 2016,” PHD’s Executive Chairman Yasseen Mansour commented.

“We reiterate that the program supported our operational and financial performance over the past years, maintaining our position as a leading developer in construction progress and delivery pace, creating an ample portfolio of ready-to-move units along with strengthening our balance sheet position,” Mansour added.

For his part, Ayman El Sawy, Contact Financial’ s Group CFO commented: “We are pleased to successfully close the seventh securitization bond for Palm Hills Developments issued as part of the agreed securitization program in which we issued together around EGP4.6 billion”.

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.