{"id":654181,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/telecom-egypt-secures-egp-18-bn-loan\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"telecom-egypt-secures-egp-18-bn-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/telecom-egypt-secures-egp-18-bn-loan\/","title":{"rendered":"Telecom Egypt secures EGP 18 bn loan"},"content":{"rendered":"

Telecom Egypt secured EGP 18 bn, seven-year syndicate loan <\/strong>to refinance its existing short-term facilities, according to a statement<\/a>. CIB, Banque Misr, and the National Bank of Egypt (NBE) led the syndicate of 13 banks. \u201cThe funds will help the telecom provider \u201cimprove its cash flow, ensure adequate liquidity, and enhance financial flexibility as the company executes its long-term growth plans,\u201d according to the statement. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The breakdown: <\/strong>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)<\/a>. All three banks are lead arrangers and bookrunners. <\/p>\n

What they said: <\/strong>\u201cWe are confident that our ongoing debt restructuring program, which we initiated last May\u2014coupled with our focused efforts to optimize CapEx allocation\u2014positions us well to further enhance our financial position, capitalize on future opportunities, and continue to deliver value to our shareholders,\u201d Telecom Egypt\u2019s CEO Mohamed Nasr said. <\/p>\n

Remember: <\/strong>We first heard about these loan negotiations back in July<\/a>, with unnamed sources telling local outlets that the funds \u2014 at that time expected to be secured in August \u2014 would be divided into an EGP 12 bn tranche earmarked for paying off the company\u2019s short-term credit facilities and a second tranche that would fund operations and network development.<\/p>\n

Advisors:<\/strong> Zaki Hashem was legal advisor to the lenders, while Adsero Ragy Soliman & Partners served as TE\u2019s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIB, Banque Misr, and the National Bank of Egypt led the syndicate of 13 banks<\/p>\n","protected":false},"author":1,"featured_media":654182,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[7106,88,72,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"4ee41d27-7f5c-4055-88f8-77e71c021fac","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1025.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Telecom Egypt secures EGP 18 bn loan","related_issue":[654168],"teaser":"CIB, Banque Misr, and the National Bank of Egypt led the syndicate of 13 banks","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.4d9de5a0-e7ec-48a6-9828-b5efd2e2e848.mp3"},"yoast_head":"\nTelecom Egypt secures EGP 18 bn loan - 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