Egypt’s Orascom Construction Industries has raised $2.2bn from a group of international, regional and local banks to refinance existing debt.

Around $1.9bn has been raised by the company’s fertiliser subsidiaries and will be used to refinance debts maturing in 2013.

The deal is split between a $775m five-year term loan for Egyptian Fertilizer Company financed by 11 banks including the UK’s HSBC, the US’ JP Morgan and Citigroup, National Bank of Abu Dhabi, and National Societe Generale Bank Egypt.

A further €550m ($725m) with a five-year tenor was raised for OCI Nitrogen, and lenders included the UK’s Barclays Capital, France’s BNP Paribas.

A third facility of $300m, with a tenor of three years was raised for OCI Fertilizer Holdings. Banks on the deal included Jordan’s Arab Bank, Lebanon’s Bank Audi; and Citigroup.

The International Finance Corporation (IFC), an arm of the Washington-based World Bank, has also provided two facilities to the companies subsidiaries totalling $325m.

Orascom said that as well as helping to refinance upcoming maturities, the new deals were part of the company’s strategy to borrow at the subsidiary level to finance their ongoing businesses, rather than at the holding company level.