TCI Sanmar completes Egypt’s first Bonds Issuance via Debt Conversion  

TCI Sanmar Chemicals (“TCI Sanmar”) has successfully completed the private placement of the company’s Non-Convertible Debentures (“NCDs”) to nine foreign banks through the conversion of 15% of the total debt of TCI Sanmar into a number of 2,353,967 NCDs amounting to USD 117,698,350. 

Arab African International Bank (“AAIB”) was also involved in the transaction as the onshore security agent and the subscription receiving bank. 

Matouk Bassiouny & Hennawy (“MBH”) acted as the legal counsel to TCI Sanmar in the matter, The MBH team advising on the transaction was led by Omar S. Bassiouny (founding partner and head of corporate and m&a, pictured) and Mohamed Abdel Fattah (partner and head of capital markets, pictured) and included Mohamed Galal (senior associate) and Shery Soliman (associate).