Banque Misr has concluded its largest syndicated term facility …


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(MENAFN-Mid-East.Info) Banque Misr (BM) initially planned to refinance the existing US $ 550 million syndicated loan signed in 2018 and for general funding purposes, due to heavy oversubscription during As the syndication with BM received approximately US $ 1.2 billion in demand, or approximately 200% of the initial target amount, BM had to increase the amount of the facility twice and closed the syndication at US $ 1 billion with a final turnover rate of 181%. BM successfully renewed its syndicated loan with the participation of 22 banks from 11 countries with 12 new banks from the United States, Europe, the Middle East and Asia that were not involved in the last Facility.

BM President, Mr. Mohamed ElEtreby “The result of the syndication demonstrates BM’s financial resilience and recognition as an enabling arm to restore macroeconomic stability and adherence to economic reforms in an expanding market, even during the conditions turbulent 2021 ”while Mr. Akef ElMaghraby the vice president of BM added“ with the negative impact of the global pandemic as well as the difficult access to liquidity, BM has achieved a new achievement which will be reflected in the engines fundamentals of Egyptian economic growth ”

The transaction was jointly coordinated by Emirates NBD Capital Limited (“EmCap”) and Mashreqbank psc (“Mashreq”) (the “Coordinators”), who were able to secure a close in record time. While EMCAP acted as the syndication agent, Mashreq was the documentation agent. First Abu Dhabi Bank PJSC acted as the facility agent.

EmCap, Mashreqbank psc, Al Ahli Bank of Kuwait, Arab Banking Corporation, Citibank, First Abu Dhabi Bank PJSC, Gulf International Bank BSC, Industrial and Commercial Bank of China, The Mauritius Commercial Bank, National Bank of Kuwait SAKP, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation acted as lead manager and initial mandated bookrunner and HSBC acted as master arranger of the transaction. National Bank of Ras Al Khaimah (PSC) and Saudi British Bank joined the transaction as lead arranger and mandated bookkeepers, Gulf Bank KSCP joined as lead arranger and AfrAsia Bank, Commerzbank Aktiengesellschaft, Subsidiary Luxemburg, Habib Bank Limited, Misr Bank -Europe GmbH, United Arab Bank PJSC and United Bank Limited have joined the establishment as arrangers.

The 3-year facility will serve to diversify the Bank’s financing profile and to refinance the existing facility. We are proud to announce that the bank has tightened the overall pricing of the transaction compared to recently launched syndications in market which underlies confidence in our strong balance sheet and capital structure, we will continue to provide international funding sources. long term and profitable in Egypt by being a pioneer bank and active in a wide range of syndicated loans.

Mr. Moustafa Gamal – Treasury Manager and Banking Correspondent – Banque Misr said: “The disruptive economic situation has revealed the importance of institutional finance functions in contributing to the recovery. Led by Shady El Gazzar who diligently managed the negotiations with the lenders, the Financial Institutions team worked to effectively close one of the most important transactions carried out in BM, by financing in a dynamic framework defying the constraints of time with record time close to a month from start to finish and shattering market benchmarks. This transaction must be interpreted in the economy as a contribution to the financing of the company and to other activities while ensuring that BM continues to act with caution despite the possible negative impacts of a demanding economic environment.

Mohammad Al Bastaki, CEO of Emirates NBD Capital Limited said: “The successful execution of Bank Misr’s largest syndicated loan to date demonstrates the bank’s credibility and strong position in emerging markets, it also reaffirms the growing confidence of cross-border investors in the growth of Egypt and its leading institutions. Emirates NBD Capital is pleased to coordinate and lead the transaction on behalf of Banque Misr, and will continue to support its global strategic clients with their future financing needs.

Chiradeep Deb, Global Head of Investment Banking Services, Mashreq Bank, said: “We are extremely satisfied with the result and are extremely proud to lead this important operation for Banque Misr. The quantum of liquidity that has cleared the door in record time demonstrates the confidence lenders place in Bank Misr, and also shows Egypt’s growing attractiveness to emerging market investors.

Mashreq’s strong regional presence and leading investment banking practice have helped channel foreign currency liquidity into deserving credit histories in the corporate and financial institution space in Egypt. We will continue to play a central role in this space in the near future ”.

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