Since May 20, 2021, the TEYLIOM Properties group has launched its Common Credit Securitization Fund (FCTC) by public offering on the financial market of the West African Monetary Union (UMOA) called “FCTC TEYLIOM IMMO 7% 2021-2028 ”for an amount of 20 billion FCFA (30 million euros).
The subscription period which runs until June 18, 2021 falls within the framework of the search for innovative financial mechanisms allowing this group to refinance its portfolio of receivables in order to optimize its intervention capacity, in a context marked by the increased demand for credit.
Thus, in the eyes of the managers of Teyliom Properties Group, the securitization of receivables appeared to be a mechanism capable of meeting the aspirations of their structure since it allows receivables to be removed from the balance sheet of certain Group Entities against the collection of cash flow making it possible to respond to market demands. “This transaction will also help broaden its investor base in the UMOA regional financial market and refinance the existing financial indebtedness of Teyliom group entities,” they argue.
The issue price is set at 10,000 FCFA with an interest rate of 7% gross per year and an expiration date of June 25, 2021.
As for the payment of coupons, it will be done quarterly. The same is true of the depreciation of capital.
The initial sale relates to the receivables held and to be held on the tenants of six real estate assets. These are the MTN building in Côte d’Ivoire of 3662 M² for an amount of 3.057 billion FCFA, the ATRYUM building of 7481 M² located in Senegal for an amount of 4.053 billion FCFA, the RIVONIA building of 3162 M² for an amount of 2.643 billion FCFA, of the WATERFRONT real estate complex (13 high standing apartments) of 2372 M² located in Senegal for an amount of 1.307 billion FCFA, of the TRILENIUM 2 real estate complex (three buildings of respectively three, four and six floors, all on a basement level) located in Mali for an amount of 3.631 billion FCFA and the SEA PLAZA shopping center of 17.905 M² located in Senegal for an amount of 15.940 billion FCFA.
