October 24, 2021

Telecom Egypt secures $500M loan to support capital expenditure

ArabFinance: Telecom Egypt (ETEL) telecom Egypt (ETEL) announced that it has obtained a new medium-term syndicated loan worth $500 million, according to a press release.

The telecom company will use the loan to bolster its capital expenditure and refinance existing short-term facilities.

First Abu Dhabi Bank (FAB) and Mashreq Bank acted as the joint coordinators, underwriters, bookrunners, and initial mandated lead arrangers of the facility.

Moreover, FAB is the facility agent on the transaction, while Mashreq is the designated account bank and the documentation agent.

Ahli United Bank was mandated as the initial mandated lead arranger, with Bank of Jordan acting as lead arranger and Attijariwafa Bank as an arranger.

The mandated lead arrangers included Abu Dhabi Commercial Bank, National Bank of Kuwait, Arab Banking Corporation, Al Ahli Bank of Kuwait, Arab Bank Plc – Bahrain, and Europe Arab Bank.

“I am very proud that our strong operational and financial performance exhibited during the last three years has boosted the confidence of respected international financial institutions in Telecom Egypt, enabling us to, once again, secure a $500 million syndicated loan with the loan being 2.7x oversubscribed,” Managing Director and CEO Adel Hamed commented.

“The aim of the facility is to convert our short-term USD overdrafts into longer-term loans to enable the company to repay installments in line with its cash flow generation,” Hamed added.

In October 2018, Telecom Egypt got a similar medium-term syndicated loan.

Cairo-based Telecom Egypt is a joint-stock company, which operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.


Categories : telecom

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