Egypt's Banque Misr closes $250 mln 3-yr loan: arranger

Reuters , Sunday 6 Dec 2015

Banque Misr has raised a $250 million loan of three years duration that Egypt's second-largest state lender will use for general funding purposes, the coordinator of the deal said on Sunday.

The transaction is the first time the bank has sought to borrow from international banks since the North African country was hit by political unrest at the start of 2011.

Last month, Banque Misr's chairman told Reuters that the bank was close to completing a three-year loan which would pay a margin of 3.2 percent.

Coordinator Bank ABC, as well as Emirates NBD, HSBC, Mashreq and Union National Bank, arranged the transaction, according to the statement from the Bahrain-based bank.

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