Egyptian mobile operator Mobinil has agreed an E£815m (US$114m) loan with a syndicate of banks, which can be increased to E£1bn (US$140m).
In a brief notice on the Egyptian Exchange, the telco said the loan was signed with the National Bank of Egypt,…
Egyptian mobile operator Mobinil has agreed an E£815m (US$114m) loan with a syndicate of banks, which can be increased to E£1bn (US$140m).
In a brief notice on the Egyptian Exchange, the telco said the loan was signed with the National Bank of Egypt, the Industrial Development & Workers Bank of Egypt, the Egyptian Gulf Bank and Blom Bank Egypt.
More banks may join the transaction if the facility is increased to E£1bn, Mobinil said.
No further details were available in English and the company, which is majority-owned by French incumbent Orange, could not be reached for comment.
According to reports, Mobinil plans to use the proceeds to expand its network and refinance bonds maturing in 2015.
In February, the Egyptian company had already secured a US$325m loan to repay debt maturing in 2014 and 2015.
Separately, Mobinil is in the process of selling its mobile towers. Four companies have been pre-selected to bid for the sites, CEO Yves Gauthier was quoted as saying in June.
Between 3,000 and 3,500 sites are part of the sale and the operator plans to offload about half of them while selling only the usage rights for the other half.
