Mobinil Signs Terms Sheet With Arrangers Of EGP 2.6 Bln Loan

The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and HSBC, arranging a loan for the Egyptian Company for Mobile Services Mobinil, signed the finance term sheet.

Sources told Amwal Al Ghad that these banks have agreed on the conditions of the EGP 2.5 billion loan.

Sources said the bank’s contributions to the loan will be announced by the neginning of next August, expecting NBE to contribute with EGP 850 million, Banque Misr and CIB to contribute each with EGP 650 million and HSBC to contribute with EGP 350 million.

As the loan agent, NBE will assign other banks to contribute with EGP 300-350 million and will keep the rest of his contribution totaled to EGP 850 million. Banque Du Caire considers contributing with EGP 150 million to the syndicated loan, sources said.

Mobinil will use the 7-year loan to finance future local expansions and refinance current debts.

A consortium compromising of NBE, CIB and NSGB offered EGP 2 billion loan to Mobinil last year to which NBE contributed with EGP one billion and CIB and NSGB offered EGP one billion.