Cairo – Mubasher: Banque Misr has signed a $1 billion senior unsecured syndicated term loan facility for two years, according to a press release.
Emirates NBD Capital and Mashreq Bank jointly coordinated the facility, acting as the initial mandated lead arranger and bookrunner on the financing.
The two-year loan, with an option for a 12-month extension, attracted remarkable interest from financial institutions across Europe, the Middle East, Asia and Africa, amidst a recovering yet challenging macroeconomic environment in Egypt.
Meanwhile, the loan proceeds will be used for Banque Misr’s general corporate funding and refinancing of its existing facility. The oversubscription hit approximately 1.8 times.
The transaction witnessed participation from 18 financial institutions, with Middle Eastern banks contributing to 72% of overall liquidity and was concluded end-to-end within 40 days.
Hitesh Asarporta, CEO of Emirates NBD Capital, commented: "The oversubscription of this deal is a testament to the growing confidence in Egypt’s macroeconomic recovery and Banque Misr’s strong market position.”
Joel Van Dusen, Group Head of Corporate and Investment Banking of Mashreq, added: “The success of this syndication underscores the confidence that global financial institutions have in the resilience of Egypt’s economy and Banque Misr’s strategic direction.”
