Jan 14 2010 |
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CIB arranges $250 mln loan for drilling co.
Commercial International Bank, Egypt (CIB) signed a 7-year $250 million syndicated term loan in the name of Egyptian Drilling Company ( EDC ), to finance the purchase of a new off-shore Baker Marine Pacific jack-up rig.The rig is currently under construction in Singapore by PPL Shipyard, one of the largest rig builders worldwide, and will be delivered by July 2010, according to a statement from the bank.
The syndication was closed on Dec. 23 with a total of eight banks including CIB (acting as a facility agent and account bank): Banque du Caire , National Bank of Greece, Export Development Bank of Egypt , National Societe Generale Bank ( NSGB ), Credit Agricole Bank of Egypt , Bank of Alexandria and Egyptian Saudi Finance Bank .
EDC is equally owned by the Egyptian General Petroleum Company (EGPC) and AP Moller - Maersk Group.
© Daily News Egypt 2010
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