Last Updated July 20, 2010
State-owned Egyptian General Petroleum Corporation (EGPC) has closed its US$2bn pre-export financing.
The 58-month loan, which was arranged by JP Morgan and National Bank of Egypt, will be used for export finance.
The loan is secured on naphtha and crude exports, and is priced at 275 basis points (bps) over Libor.
This facility is an improvement on EGCP’s last debt financing loan, which was signed in November 2009.
The US$900mn pre-export finance loan carried a higher margin of 350 bps over Libor with a 46-month maturity.
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