May 16, 2011- BSEC-Bemo Securitization has successfully closed the Private Offering of $12 million Unsecured Bonds for Istismarat, the controlling shareholder of Banque Bemo.

The bonds, with a maturity of seven years, with two years of grace period, pay an annual coupon of six month $ Libor plus four percent with a minimum of 6.5 percent per annum.

Istismarat said it will use the proceeds of the issuance to fund its participation in the capital increase of Banque Bemo.