ONEE, Maghreb Titrisation and CDG Capital proceeded, on November 14, 2022, to the constitution of FT ENERGIA, a securitization fund dedicated to the acquisition of born and future trade receivables held by the Office on its key account customers. .
This acquisition is financed by the proceeds of the issue of bonds intended for qualified investors under Moroccan law totaling MAD 1,579 million over a period of three years and an exit rate of 3.15% for the first interest period.
This is the sixth securitization operation initiated by the ONEE Electricity Branch and entrusted to Maghreb Titrisation, as arranger and institution managing the securitization program and to CDG Capital as an investment institution for the issues carried out.
In this context, a ceremony took place at the General Directorate of ONEE in Casablanca, in the presence in particular of Khalid Safir, General Manager of CDG, Abderrahim El Hafidi, General Manager of ONEE, Hamid Tawfiki, Managing Director of CDG Capital and Ms. Houda Chafil, Managing Director of Maghreb Titrisation.
This new securitization operation will enable ONEE to finance its working capital needs in the current context marked by strong tensions on the world market for raw materials intended for the production of electricity.
Several novelties in terms of structuring have been made to this new operation in order to meet the expectations of investors and ONEE, particularly in terms of duration (3 years) and the characteristics of the debt securities issued (revisable rate every 3 months with a floor to mitigate the impact of interest rate volatility).
Through this new securitization operation, ONEE underlines its commitment to continue, in a particularly difficult context, its efforts to meet all the challenges and achieve its objectives, in particular those related to improving financial performance.