Ezz Steel inks EGP1.7bn Financing Deal

Ezz Steel, the biggest steel producer in Egypt and MENA, said on Monday it signed an EGP 1.7 billion ($237 million) long-term financing agreement with the National Bank of Egypt (NBE) and Arab African International Bank (AAIB).

As pursuant to the agreement, the National Bank of Egypt will be the lead arranger and facility agent, whereas the Arab African International Bank (AAIB) will be the lead arranger and security agent.

Ezz Steel further stated that the loan proceeds would be repaid on quarterly installments over seven years starting in 2015 and would be used to restructure the existing debt facilities.