National Bank of Egypt and CIB arrange $561M syndicated loan for Telecom Egypt
Wednesday, 20 July 2016 18:36
The National Bank of Egypt and the Commercial International Bank (CIB) are arranging a syndicated loan of EGP5 billion ($561 million) for Telecom Egypt. The loan should serve to acquire 4G licence. However, before proceeding to the acquisition, the firm is requested to pay 50% of licence cost upfront, in U.S dollars.
Though Telecom Egypt (TE) did not officially confirm the 4G deal, well-informed sources cited by Egyptian media said the operator should agree to the conditions set for the deal next week. TE should easily mobilize the required EGP5bn.
Despite showing at the end of 2015 a negative free cash flow of EGP675 million, the firm had a strong cash flow and solvency. Moreover, its short-term assets (transformable in cash in the next 12 months) exceed its current liabilities by at least EGP4 billion.
Idriss Linge
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