September 29, 2021

Banque Misr concludes $1B largest-ever syndicated loan


ArabFinance: Banque Misr has successfully renewed its syndicated loan with the participation of 22 banks from 11 countries with 12 new banks from the US, Europe, Middle East and Asia, the bank said in an emailed statement.

The loan will be allocated to pay off $550 million that the bank had borrowed back in 2018 from foreign lenders to improve USD liquidity.

The bank had to upsize the facility amount twice and has closed the syndication at $ 1 Billion with a final roll-over ratio of 181%.

The Facility, which carries a tenor of 3 years, will serve to diversify the Bank’s funding profile and to refinance the existing facility.

“The syndication’s outcome demonstrates the financial resiliency of BM’s and its recognition as an empowering arm to restore the macroeconomic stability and in upholding to the economic reforms in an expanding market even during 2021 turbulent conditions,” Chairman Mohamed El Etreby commented.

The transaction was jointly coordinated by Emirates NBD Capital Limited (“EmCap”) and Mashreqbank psc (“Mashreq”) (the “Coordinators”), who were able to ensure a closing in record timelines. While EMCAP acted as Syndication Agent, Mashreq was the Documentation Agent. First Abu Dhabi Bank PJSC acted as the Facility Agent.

EmCap, Mashreqbank psc, Al Ahli Bank of Kuwait, Arab Banking Corporation, Citibank, First Abu Dhabi Bank PJSC, Gulf International Bank B.S.C., Industrial and Commercial Bank of China, The Mauritius Commercial Bank, National Bank of Kuwait S.A.K.P., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation acted as Initial Mandated Lead Arrangers and Bookrunners and HSBC acted as the Lear Arranger on the transaction . The National Bank of Ras Al Khaimah (P.S.C.) and The Saudi British Bank joined the transaction as Mandated Lead Arrangers and Bookrunners, Gulf Bank KSCP joined as a Mandated Lead Arranger and AfrAsia Bank, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Habib Bank Limited, Misr Bank-Europe GmbH, United Arab Bank P.J.S.C., and United Bank Limited joined the facility as the Arrangers.

Earlier in September, the bank announced that it will receive its largest-ever syndicated loan worth $1 billion.

arabfinance


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