Sole bookrunner Calyon is due to close a US$400mn bridge loan facility for Egypt’s EGPC. It is a short-term facility with a maturity date of 12 months, but also features an optional three-month extension.

The facility is fully subscribed, but could be increased subject to possible further commitments to be made by participating banks.

The funds will be repaid from the proceeds of EGPC’s sale of a portion of their concession rights in the Abu Qir Gas Field in Egypt.

Given the level of interest shown by buyers, Calyon considers the repayment risk to be minimal. However, if the sale of concession rights was delayed, the bridge loan would be refinanced via a take-out structured commodity facility in the form of a crude oil and naphtha pre-export financing.