Telecom Egypt to return to global debt markets for first time since 2008

The loan is projected to be used in financing the company’s short-term debts and capital spending

  
A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

REUTERS/Asmaa Waguih
 

Egypt - Telecom Egypt (ETEL) is planning to allocate around $500 million through a syndicated loan to return for the first time since 2018 to the global debt markets, banking sources told CNBC Arabia.

The Egyptian Telecom company has appointed First Abu Dhabi Bank and Mashreq Bank to arrange the loan, which is expected to be a six-year term, the sources added.

This anticipated loan will give the banks a margin of about 325 basis points above the US Libor rate.

The loan is projected to be used in financing the company’s short-term debts and capital spending.

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