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The local Orascom Telecom (OT) has mandated a group of four banks to underwrite a $2,000 million, five-year debt facility. The four banks are ABN Amro, Citigroup, Credit Suisse First Boston and Deutsche Bank. Negotiations are under way with local banks to join the transaction at a senior level, prior to the launch of general syndication. About $650 million of the funds raised will be used to repay existing debts. These include debts acquired through the purchase of Italian mobile operator Wind by the OT-led Weather consortium in mid-2005 (MEED 3:6:05).