Mobinil Loan Arrangers To Send Info Memo To Banks Next Month

The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), National Société Générale Bank (NSGB) and HSBC Bank Egypt plan to send an information memorandum about the loan they arranged for the Egyptian Company for Mobile Services (Mobinil) to banks next month.

Sources said the loan arrangers target to ask other banks to contribute from EGP 600 million to EGP 650 million to the EGP 2.9 billion loan. 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.