(Ecofin Agency) - Tunisie Leasing & Factoring (TLF) received approval of the financial market commission for the issuance of a subordinated bond of TND20 million ($7 million) that could be raised to TND30 million ($10.5 million).  

The leasing and factoring company will issue 200,000 bonds (up to 300,000) worth TND100 each.

Investors will have to choose between two categories of bonds. Bonds from Category A with a 10.60% interest rate for five years and bonds from category B with an 11% interest rate issued for a seven year period with a grace period of two years.

Subscriptions will be opened on October 29, 2018, and closed on January 17, 2019. The company listed on Tunis stock exchange will use the funds raised during the operation to “boost its net equity in light of the banking regulation”.

During H1, 2018, the net profit of Tunisie Leasing & Factoring reached TND8.2 million which represents a 33% increase compared to the TND6.1 million realized during the period which ended June 2017.

Chamberline Moko