Rymco securitizes inventory for more growth

ENAR

Private and corporate Lebanese investors showed faith in future domestic demand for cars by underwriting a new $15 million securitization deal for Rasamny Younis Motor Company (Rymco), the company announced this week. The deal, in conjunction with BankMed Group and its subsidiaries MedInvestment Bank and SaudiMed Investment Co, gives Rymco access to off-balance-sheet funding. An additional innovative aspect is the fact that the company this time did not securitize its receivables, as it and other Lebanese automotive dealers have in the past, but rather securitized part of its new car inventory. Flanked by two pieces of inventory in the company’s showroom – a white $80,000 SUV and a silver $80,000 convertible, both from the same Japanese luxury marque – Rymco and BankMed Group officials told a handful of business and automotive journalists in a March 5 press conference that the deal would help the company grow. “Inventory securitization for us