Mobinil Loan Arrangers Send Info Memo To 17 Banks

The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), National Société Générale Bank (NSGB) and HSBC Bank Egypt sent the information memorandum of the loan they arranged for the Egyptian Company for Mobile Services (Mobinil) to 17 banks in Egypt.

Sources said the loan arrangers target to ask other banks to contribute EGP 650 million to the EGP 2.9 billion loan. Banks will offer EGP 350 million of the value of NBE’s contribution and EGP 300 million of the value of CIB’s contribution.

Many banks have submitted their offers to contribute to the loan with values exceeded the value allocated by loan arrangers to other banks.

The loan arrangers will provide the following values: NBE (EGP 850 million), CIB (EGP 800 million), Banque Misr (EGP 650 million), HSBC (EGP 400 million) and NSGB (EGP 200 million).

The loan will be used to finance the expansion of the company’s cellular network and repayment of some of the operator’s debts. A consortium comprised of NBE, CIB and NSGB had earlier offered EGP 2 billion loan to Mobinil to which NBE contributed with EGP one billion and CIB and NSGB provided EGP one billion.