State-owned Egyptian General Petroleum Corporation (EGPC) has shortlisted three consortiums to act as mandated lead arranger on a $2bn loan will announce the winner on 1 April.
The three consortiums are led by the US’ JP Morgan, Germany’s Deutsche Bank and France’s Credit Agricole Egypt, according to a banker close to the deal.
The winning consortium will be announced on 1 April, he adds.
“It was supposed to be announced on 29 March but it has been postponed to 1 April,” says the banker.
EGPC received several bids from a mix of international and Egyptian banks for the deal in January.
Banks had until 18 January to make funding offers for the deal, which was first launched into the market in mid-December 2009.
The loan will allow Egyptian Petroleum to sell its products overseas.
The US’ Morgan Stanley and Bank of Tokyo Mitsubishi have been appointed to advise on raising the facility, which follows a similar $900m pre-export deal launched into the market in August 2009. (MEED 10:01:10)
That deal paid 350 basis points above the London interbank offered rate (Libor). Bankers say the new facility is likely to be priced under 300 basis points above Libor as a result of the improving global markets. The new deal will have a tenor of five years and is secured against naptha exports, whereas the 2009 deal was secured against crude oil exports.