Tuesday, Jun 18, 2013
DUBAI (Zawya Dow Jones)--Egypt's Ezz Steel (ESRS.CI) signed Tuesday a 550 million Egyptian pound ($78 million), six year, top-up syndicated loan to help it complete the construction of its direct reduced iron project at Sokhna-Suez.
The debt facility is with National Bank of Egypt, Banque Misr and a group of local banks, Ezz said in an emailed statement. The total syndicated loan is now EGP2.8 billion and will be repaid quarterly over six years starting in 2015, with the DRI project expected to commence production by the end of 2014, it added.
"We have now completed the financing for the construction of our DRI facility," said Paul Chekaiban, the chairman and managing director of Ezz Steel. "This will make a significant contribution to our vertical integration, enhancing the profitability and further strengthening the position of ezzsteel in the steel industry."
Ezz shares last traded 0.9% higher at EGP8.02.
Write to Tim Falconer at tim.falconer@dowjones.com
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(END) Dow Jones Newswires
18-06-13 1221GMT
