Telecom Egypt secured EGP 18 bn, seven-year syndicate loan to refinance its existing short-term facilities, according to a statement. CIB, Banque Misr, and the National Bank of Egypt (NBE) led the syndicate of 13 banks. “The funds will help the telecom provider “improve its cash flow, ensure adequate liquidity, and enhance financial flexibility as the company executes its long-term growth plans,” according to the statement.

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The breakdown: CIB and Banque Misr are providing some EGP 4.9 bn each, while NBE is providing EGP 2.5 bn, according to a separate statement (pdf). All three banks are lead arrangers and bookrunners.

What they said: “We are confident that our ongoing debt restructuring program, which we initiated last May—coupled with our focused efforts to optimize CapEx allocation—positions us well to further enhance our financial position, capitalize on future opportunities, and continue to deliver value to our shareholders,” Telecom Egypt’s CEO Mohamed Nasr said.

Remember: We first heard about these loan negotiations back in July, with unnamed sources telling local outlets that the funds — at that time expected to be secured in August — would be divided into an EGP 12 bn tranche earmarked for paying off the company’s short-term credit facilities and a second tranche that would fund operations and network development.

Advisors: Zaki Hashem was legal advisor to the lenders, while Adsero Ragy Soliman & Partners served as TE’s legal advisor.

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