RCI Finance Maroc has raised 300 million dirhams through a private bond sale to help fund its future growth. The company issued 3,000 bonds worth a total of MAD 300 million. The bonds were bought by qualified investors.
They have a variable interest rate that will be reviewed every 13 weeks. The bonds will mature in two years and investors will receive the full principal at the end of the term.
RCI Finance Maroc said the money will help it better match the length of its funding with the duration of its loan portfolio. It also wants to diversify where it gets its funding and reduce financing costs.
The company specialises in car financing and said the new funding will support its growth plans in the Moroccan market.
Attijariwafa Bank advised RCI Finance Maroc throughout the transaction.
RCI Finance Maroc was founded in 2005 and is wholly owned by RCI Banque SA, which now operates under the Mobilize Financial Services brand. Mobilize Financial Services is the financial services arm of the Renault Group and provides vehicle financing, leasing, insurance and mobility services.
