NRF advises syndicate of lenders on billion-dollar loan facility to National Bank of Egypt

Norton Rose Fulbright has advised a syndicate of lenders on a USD1 billion senior unsecured term loan facility to the National Bank of Egypt (NBE).

The syndicate of lenders was made up of 19 financial institutions – including local, regional and international banks – from Africa, Asia, the Middle East and Western Europe.

The facility, which was 1.7 times oversubscribed from the initial launch amount of US$ 750 billion, will be used by NBE for general corporate funding purposes and trade finance requirements.

Norton Rose Fulbright partner Nicholas Robinson and counsel Seya Rahnema, both based in the firm’s Dubai office, advised on the deal, assisted by trainee solicitor Madison Colangelo.

Nicholas Robinson said, “We were delighted to support our client, the syndicate of lenders, on this substantial and complex transaction. This syndicated facility was significantly oversubscribed, demonstrating the continued strength and buoyancy of the regional market, in addition to the credibility of Egypt’s sovereign credit rating.”