BSEC placement deal for Egyptian oil company

BEMO bank group arranges
placement worth $46 million for Sakson

Bemo Securitization (BSEC) and Bemo Saudi Fransi Finance (BSFF) – both subsidiaries of BEMO bank – closed successfully two private placement deals with Sakson Group, an Egyptian-based regional provider of petroleum services. The private placements of debt are $21 million and $25 million.

BSEC and BSFF acted as joint arrangers and placement agents on the two transactions which were placed with three local lenders.

Sakson group has also operations in Iraq, Algeria, Egypt, Kenya, Turkmenistan, Ethiopia, and others. “The proceeds of the two offerings will be used to purchase two new land drilling rigs to be deployed in Algeria and Kurdistan, on multi-year contracts with two of the leading oil and gas multinationals in the world,” a statement by BSEC said.

The deal will help the group increase the number of rigs it operates to ten.

“In this deal, the BEMO Group team delivered the financing in a very short period of time. It allowed the client to successfully acquire the rigs in the timeline dictated by the tenders.” said Ronald Yazbeck, General Manager of BSEC.