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- Marula Capital Markets PCC (“Marula”), the successor of Iroko’s previous investment vehicle Sphynx Capital Markets PCC, is a protected cell company also regulated by Mauritius’ Financial Services Commission.
- Marula debt raising target is met via a USD 500 million Debt Funding Programme involving the issuance of pass-through notes and loans which are collateralised by a portfolio of selected Sub-Saharan African debt (the “Funding Programme”). The Funding Programme is sponsored by Iroko Securities Limited.
- Loans contracted by Marula under the Funding Programme are denominated in US Dollar, Euro or any other G7 currencies.
- Transactions run through the Marula’s vehicle are segregated into different cells. Under each designated cell, Marula’s Funding Programme adopts a back-to-back and pass-through structure where the designated cell acquires collateral either through an outright purchase of such collateral or through the granting of a security interest over collateral for the benefit of Marula.
- Iroko Securities acts as the Funding Programme Administrator, Arranger and Dealer with respect to each borrowing under the Funding Programme.
- 8 Cells have been created since the inception of the Funding Programme totalling USD 1.1 billion worth of transactions, notably road rehabilitation and hospital projects financing, as well as derivative driven transactions, including secured guaranteed loans in Ivory Coast and Ghana and a Total Return Swap transaction in Togo.
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