Loan To Suez Steel Up By US$ 100 Mln
Five banks have provided Suez Steel Company with credit facilities of US$ 100 million to which Arab African International Bank (AAIB) contributed with US$ 45 million, Arab International Bank contributed with US$ 26.9 million, Audi Saradar Group and Audi Egypt contributed with US$ 20 million and Egyptian Arab Land Bank (EALB) contributed with US$ 8.1 million.
This came as part of the medium-term tranche of the longer term loan which is to be directed to meet the high investment cost of the project which increased due to paying EGP 386 million, or 15%, of the value of the license in order to settle the problems of the steel licenses with the government.
Amwal Al Ghad unveiled the value of the banks’ contributions to the loan divided into two segments which are US$ 360 million and EGP 1.186 billion. The loan is split into four tranches. The first tranche is worth EGP 1.064 billion to which AAIB contributed with EGP 452 million, Banque Du Caire contributed with EGP 200 million, NSGB contributed with EGP112 million, Arab Investment Bank contributed with EGP 100 million and EALB contributed with EGP 200 million.
The second tranche is worth US$ 280 million to which AAIB contributed with US$ 11.5 million, Banque Du Caire contributed with US$ 30 million, NSGB contributed with US$ 50 million, Audi Bank Egypt contributed with US$ 10 million, Audi Saradar Group contributed with US$ 60 million, Arab International Bank contributed with US$ 78.5 million, Byblos Bank contributed with US$ 25 million and Piraeus Bank contributed with US$ 15 million.
EALB and Banque Misr contributed to the third tranches with EGP 50 million and EGP 72.6 million respectively, amounting to EGP 122.6 million. AAIB, Audi Saradar Group and Arab International Bank contributed with US$ 44.9 million, US$ 8 million and US$ 26.9 million to the fourth tranche respectively amounting to US$ 79.8 million.
As per the contract, the first and second tranches are due on April 1st, 2018 and the third and fourth tranches are due on January 1st, 2019. The Company totally utilized the revolving loan which is due in 2016. The revolving loan witnessed an increase in the local-currency tranche amounting to EGP 1.017 billion, up from EGP 628 million. Banks raised their contributions to cover this increase as AAIB raised its contribution from EGP 193 million to EGP 490 million; Audi Bank increased its contribution from EGP 145 million to EGP 187 million; and Arab International Bank increased its contribution from US$ 17.86 million to US$ 29.86 million. In addition, Piraeus Bank contributed with EGP 50 million to such tranche.
