Jet Contractors has successfully closed the issuance of a bond loan of 200 million dirhams, which was subscribed to from August 11th to 13th. This issuance had a subscription rate of 100%.
The targeted priority investors were holders of existing Treasury bills, amounting to 60.8 MDH. They ultimately subscribed for 40 MDH. The remaining 160 MDH were provided as fresh cash, entirely in the second tranche with variable rate.
This bond loan has a maturity of 7 years. Its goal is to support the development plan and finance the company’s working capital needs, extend the maturity of the debt and strengthen its financial structure. The company also wants to consolidate its image with institutional investors through increased visibility on the capital market.
Following this operation, the company’s consolidated net debt ratio would go from 48% at the end of 2019 to 53% at the end of 2020. The consolidated net gearing would go from 91% to 112%.
The bonds issued include the commitment of current shareholders to maintain their capital holding at a minimum of 34% during the entire bond loan period. In addition to affirming the confidence of the main shareholders in the Group’s fundamentals, this condition reflects market confidence in the historical shareholders and the Group’s business model.
This innovative structure in the Moroccan private debt market, carried out by the Bank Advisor Red Med Finance as global advisor and coordinator, should allow other Moroccan SMEs to finance themselves through capital markets.
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