09 Apr Egypt: Orange obtains $ 396.7 million syndicated loan from eight banks
The mobile operator Orange Egypt announces that it has signed a financial agreement with a consortium of eight banks, on April 5, 2018. It concerns the granting to the telecom company of a syndicated loan of 7 billion Egyptian pounds (US $ 396,727,313).
The money will have to be repaid over a period of seven years, until June 2025, with a grace period of two years.
The new financing facility obtained by Orange Egypt, will be used to refinance its current debt for a total amount of 4.3 billion pounds (US $ 243,703,921) while the 2.7 billion pounds (US $ 153,023,392) ) will cover the company’s new investments required to implement its next-generation network and fund future expansion operations in the local market.
Jean-Marc Harion (pictured), President and CEO of Orange Egypt, said the money will “further improve the performance of the company whose indicators have improved significantly since last year . “
The consortium of eight banks that provided the financial loan to Orange Egypt, consists of Commercial International Bank, National Bank of Egypt, Bank Misr, Alex Bank, HSBC Bank Egypt, Emirates National Bank of Dubai, Credit Agricole Egypt and Attijariwafa Bank Egypt.
Source: Agence Ecofin