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.

 

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.