Last Updated April 08, 2010
Egypt’s state-owned Egyptian General Petroleum Corporation (EGPC) has mandated JP Morgan and National Bank of Egypt to arrange a pre-export loan of up to US$2bn.
The syndicated loan, which has a tenor of just less than half a decade at 58 months, will be secured against naphtha exports.
The deal has been set at 275 basis points (bps) over Libor, a significant reduction of the 350 bps over Libor on EGCP’s US$900mn 46-month pre-export financing reported by GTR last August.
The deal, which attracted a large number of international banks who felt over-exposed in the Russian oil market and were drawn to the rarity of the Egyptian loan, was first offered to banks in December 2009.
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