State-owned Egyptian General Petroleum Corporation (EGPC) has signed a $2 billion, 58-month debt financing that will be used for export finance, bankers close to the deal said.
The syndicated loan, which is one of the biggest for an Egyptian borrower, was oversubscribed and lenders were scaled back accordingly, the bankers added.
J.P. Morgan and National Bank of Egypt arranged the deal, which pays a margin of 275 basis points (bps) over LIBOR and is secured on naptha and crude exports.
EGPC was unavailable for comment.
EGPC’s previous loan was agreed in November 2009. That $900 million pre-export finance loan, secured on crude oil exports, carried a margin of 350 bps over LIBOR with a shorter 46-month maturity.
