BEMO Sec in two finance deals for car importers
Financial tool serves expansion strategy
BEMO Securitization (BSEC), a subsidiary of BEMO Bank specialized in structured finance, has launched a new securitization issuance for T. Gargour & Fils (TGF), exclusive distributors of Mercedes, Smart, Chrysler, Dodge, and Jeep cars.
“Securitization proved to be an appropriate instrument to enhance TGF’s financing capabilities and sales activities,” said Ronald Yazbeck, CEO of BSEC.
This issuance is the third one arranged for TGF, following two previous offerings successfully closed on September 2012 and April 2013 respectively, using the same structure. The securitization fund of $8.2 million is related to a portfolio of auto loans granted by TGF, in majority to high profile retail clients.
“The securitization platform has provided our company with high flexibility and it continues to support our credit sales,” said Robert Khabbaz, Group CFO and Member of the Board of TGF.
BSEC also announced the successful closing of Rymco Drive III, the third securitization transaction for Rymco. The first two were launched in October 2009 and January 2012 respectively.
The transaction totaled $7.6 million and consisted of securitizing a diversified portfolio of auto loans granted by Rymco to its client base, including car rental companies, employees, and retail clients.
“Through this transaction we were able to secure financing needs for both retail and fleet segments through an attractive revolving instrument for the next three years,” said Fayez Rasamny, Chairman of Rymco.
Reported by Leila Rahbani
Date Posted: Oct 25, 2013