National Bank of Egypt (UK) has mandated Bank of Tokyo-Mitsubishi UFJ, Citibank, Natixis (the three bookrunners), Sanpaolo IMI as initial mandated lead arrangers and RZB, Al Watany Bank of Egypt, Banque Misr and Melli Bank as additional mandated lead arrangers to arrange a €
120mn syndicated term loan facility.


The margin is 35bp per year; the tenor three years after the signing date.


The facility is for general funding and to re-finance a €
100mn term loan facility from July 2004.


General syndication has closed. Banks were invited to participate at one of the following levels:


Lead arranger with €
10mn- €
12.5mn at 30bp flat.


Arranger with €
7mn at 22.5bp flat.


Lead manager at €
5mn at 20bp flat.


Established in 1992, the Borrower is a 100% owned subsidiary of the National Bank of Egypt, which is the largest of the ‘big four’ public sector banks in Egypt. National Bank of Egypt is 100% government owned and has 343 branches in Egypt.


National Bank of Egypt (UK) has an issuer default rating of BB+ by Fitch with outlook stable.  National Bank of Egypt has a long-term foreign currency rating of BB+ from both Standard and Poor’s and Fitch.