Telecom Egypt signs a EGP 18 bln syndacted loan: the advisors

Adsero advised Telecom Egypt (TE) in the successful signing of a long-term EGP 18 billion syndicated loan facility aimed at financing the company’s operations through a syndication of 13 banks, led by CIB Egypt – advised by Zaki Hashem, Attorneys at Law – and Banque Misr as Initial Mandated Lead Arrangers and Bookrunners, along with the National Bank of Egypt (NBE) as Mandated Lead Arranger and Bookrunner.

Adsero’s team

Adsero’s team was led by Hossam Gramon (pictured), Partner and Head of Banking & Project Finance, and Karima Seyam, Senior Associate, assisted by Aya Badr, Associate, and Junior Associates Mostafa Serry, Nour El Kholy, and Nour Osama.

Zaki Hashem’s team

Zaki Hashem’s team of lawyers advising CIB and the syndicate banks was led by Of Counsel Ragia Omran and included Ibrahim Waël Abdelwadoud, Senior Associate, as well as other associates of the Firm – with a scope of work that included drafting the finance documents and negating with the counter party up to the signature of the Agreement.

About the loan

The syndication of banks is comprised of CIB, Banque Misr, NBE, First Abu Dhabi Bank Misr (FABMISR), QNB Egypt, Ahli United Bank – Kuwait, Arab African International Bank, Banque du Caire, Bank NXT, Abu Dhabi Commercial Bank, Credit Agricole Egypt, Bank ABC in Egypt, and MIDBANK.TE will use this new seven-year syndicated facility to refinance its existing short-term EGP facilities. The refinancing comes at a strategic juncture, aligning with TE’s ongoing efforts to improve its cash flow, ensure adequate liquidity, and enhance financial flexibility as the company executes its long-term growth plans.