National Bank of Egypt signs USD 1 Billion Senior Unsecured Syndicated Term Loan Facility
National Bank of Egypt S.A.E. (“NBE” or the “Borrower”) is pleased to announce the successful signing of a USD 1 Billion Senior Unsecured Syndicated Term Loan Facility (“Facility”) on 23 May 2024
Together Emirates NBD Capital Limited, Mashreqbank PSC and Firstrand Bank Limited (acting through its Rand Merchant Bank Division) acted as the Global Coordinators (“Coordinators”). Emirates NBD Capital Limited acted as the “Syndication Agent”, Mashreqbank PSC acted as “Documentation Agent”. First Abu Dhabi Bank PJSC is the appointed “Facility Agent”
Abu Dhabi Commercial Bank PJSC, Abu Dhabi Commercial Bank – Egypt, Africa Finance Corporation, Al Ahli Bank Of Kuwait K.S.C.P. (DIFC Branch), Arab Banking Corporation (B.S.C.), Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, Firstrand Bank Limited (acting through its Rand Merchant Bank Division), HSBC Bank Middle East Limited, Mashreqbank PSC, National Bank of Kuwait S.A.K.P, Bahrain Branch, Standard Chartered Bank and The Mauritius Commercial Bank Limited acted as the Initial Mandated Lead Arrangers and Bookrunners (the “IMLABs”) and Commerzbank Aktiengesellschaft, Doha Bank Q.P.S.C., Eastern and Southern African Trade and Development Bank, Sumitomo Mitsui Banking Corporation – DIFC Branch, Dubai, The National Bank of Ras Al-Khaimah (P.S.C), and The Standard Bank of South Africa Limited acted as the Mandated Lead Arrangers and Bookrunners (the “MLABs”)for the Facility
Facility will be used for general corporate funding purposes and trade finance requirements of NBE
Despite the market volatility amidst the current geo-political conditions, the transaction received an overwhelming response from the market. Following strong global demand from 19 institutions from across the globe, including from Western Europe, Asia, Africa and the Middle East, the facility was 1.7 times oversubscribed from the original launch amount of USD 750 Million, at senior mandate level. NBE choose to opt for green shoe option and closed the transaction at USD 1 Billion post scale back
The success of the deal emphasizes the strength of NBE’s banking relationships and credit strength, as well as demonstrates the market’s positive sentiment and trust in the Egyptian economy
NBE indicated that the successful closure of the transaction with oversubscription of 1.7 times conveys a strong indication of the international perception toward NBE’s stable financial position and a belief in its role to support the economy as a whole
The wide range of international banks joining the transaction comes as a proof of NBE’s extensive relations and follows its strategy of diversified funding sources
We would like to extend our sincere appreciation to our Coordinators for a well-arranged milestone transaction and our financing partners for their long-standing commitment to NBE
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