The deal is expected to be completed in mid-July and, depending on market appetite, will be between $80-100m. Arab Banking Corporation, which has acted for the firm before, is financial adviser on the deal.

It is not yet clear what the margins will be on the deal but it is likely they will be more than the 20 basis points above the London interbank offer rate (libor) that IFC had been paying on a $75m facility arranged in 2006 (MEED 31:3:06)

The funds will be used by the firm, which specialises in providing lease finance for vehicles and heavy equipment, to finance expansion.