Egypt Zones accountACCOUNT

Egyptian Electricity Holding To Raise $700 Mln Loan With HSBC And Credit Suisse

Source: www.export-egypt.com 5/3/2018, Location: Africa

Share |
State-owned Egyptian Electricity Holding Company (EEHC) is raising a syndicated loan of up to around $700 million with Credit Suisse and HSBC leading the deal, banking sources said.

The new loan, guaranteed by the finance ministry, has a five-year maturity and is being syndicated to international and Gulf banks, the sources said.

The debt facility is one of a few debt transactions currently in the market, a sign of banks’ increased interest in Egypt, where business conditions are slowly improving under a three-year IMF loan programme tied to fiscal and economic reforms.

“There is a lot of appetite for Egypt currently and there are a few deals in the market or in the pipeline,” said Zain Zaidi, director for loans and acquisition finance for the Middle East, Egypt and Pakistan at Citigroup. He added however that given the current country ratings, the perceived risk remains higher than in other Middle East markets.

Other deals include a club loan of around $600 million for National Bank of Egypt, sources told Reuters earlier this week.

. In the market, there is also a $450 million refinancing loan for Egyptian Fertilizers Company, a subsidiary of Netherlands-listed OCI N.V.., a company led by Egyptian billionaire Nassef Sawiris, sources said.

EEHC, which did not respond to a request for comment on its new fundraising exercise, has borrowed extensively in the past.

In 2015 it raised a $521 million loan provided by a group of Egyptian banks and National Bank of Abu Dhabi – now First Abu Dhabi Bank.

The following year, the Egyptian utility borrowed 3.5 billion euros through a debt facility backed by export credit agencies for the construction of three gas-fired power plants. For those projects, worth 6 billion euros, it also raised a $1.2 billion loan with local banks.

Financials and Investment News in Egypt >>

Egypt >>  11/9/2024 - South Korean Ambassador to Cairo Kim Yonghyon praised steps taken by the Egyptian government to attract foreign direct investment.

South Ko...

Egypt >>  11/9/2024 - Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Farid took part in the International Organization of Securities Commissions (IOS...

Egypt >>  11/9/2024 - Minister of Housing, Utilities and Urban Communities Sherif el Sherbini had a meeting with Cameroon's Minister of Housing and Urban Development Celest...
Egypt >>  11/9/2024 - The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is cooperating with the World Bank (WB) to upgrade the Egyptian Entrepreneurship ec...

Egypt >>  11/9/2024 - Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir had a meeting with Hayrettin Akgun Okay, CEO of...
Egypt >>  11/9/2024 - Minister of Planning, Economic Development and International Cooperation Rania el Mashat said that 42% of the public investments of the plan of the cu...




Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 |

More News

Oil & Gas Companies in Egypt >>

Related Links

Egypt Zones
Copyright © Universal Solutions All rights reserved. - Privacy Policy.