The facility is divided into three tranches: a $95.5 million, floating-rate tranche; an Egyptian pound-denominated tranche equivalent to $95.5 million, with a fixed rate; and a second Egyptian pound tranche, also equivalent to $95.5 million, with a floating rate. The facility has a tenor of seven years including a two-year grace period on principal repayments.
Joint mandated lead arrangers include Arab African International Bank (AAIB), Bank of Alexandria, Banque Misr, Barclays Bank Egypt, Citibank Egypt, Commercial International Bank and National Bank of Egypt. AAIB is also the global co-ordinator for the facility.
OCI will use the funds to finance future investments and expansion.