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CHAMPION OF THE DAY
Securitization deal for Kurban Group
MedInvesment Bank has launched a $25 million securitization investment fund for the Kurban Group car rental company.
The ABA SEC I MSF fund has issued $25 million against Kurban’s rental fleet, from companies operating in the automotive sector, mainly Middle East Car Rental, the agent of Avis Rent a Car, Fleet Management Company, the agent of Budget Rent a Car, and Allo Transport, a transportation company.
The revolving period is 3.5 years during which time the companies could access additional funding.
“Closing this securitization transaction in these challenging times is important for our companies, and will be key in the consolidation of our position in the transportation sector,” said Raja Kurban, Managing Director of Kurban Group.
Kurban said that this transaction allows the companies to access a medium-term funding source at a competitive and fixed cost, and to diversify their funding sources.
Adel Jabre, Managing Director of MedInvesment Bank and Lead Manager of ABA SEC I MSF, said: “It is the largest asset backed securitization executed locally to date, and the first rental fleet securitization out of Lebanon and the Levant region.”
The transaction was approved by the Capital Markets Authority.
MedInvesment Bank is a wholly owned subsidiary of Bankmed.
Reported by Rania Ghanem
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Dec 13, 2017
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