Staterun Egyptian Electricity Holding Company (EEHC) has completed a $900 million syndicated loan. The debt facility was coordinated by Credit Suisse and HSBC and it was marketed to other banks at around $700 million but given banks oversubscription the size has been raised to $900 million, reported Reuters.
Egypt’s business conditions are slowly improving under a threeyear IMF loan programme tied to fiscal and economic reforms. The other deals include a $600 million loan for National Bank of Egypt (NBE), arranged by a group of lenders comprising NBE, HSBC, Standard Chartered, Citi, Emirates NBD, Bank ABC, and Rakbank.
The loan is now being syndicated to a larger group of banks. Banque Misr, the countrys second largest bank, will also follow with a $500 million loan coordinated by Citigroup, reported Reuters.
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