A group of Moroccan banks and two multinationals have signed a refinancing loan to Médi Telecom for the local-currency equivalent of US$605.8mn.

The loan will refinance Morocco’s second largest telephone operator’s local debt, which was signed on June 8, and was for around €600mn.

GTR can reveal that the regional banks involved were BMCE Bank, Attijariwafa Bank, CDG Capital, Banque Centrale Populaire, Crédit Immobilier et Hôtelier, BMCI and Crédit du Maroc.

Société Générale and Crédit Agricole also joined the deal.

Sources close to the deal could not comment on the pricing or tenor, but did tell GTR that “this was one of the most significant refinancings in the region in recent years due to the size of the loan.”

Médi Telecom was advised by Hicham Naciri and his team at French law firm Gide Loyrette Nouel.

“[This] allows Médi Telecom to renegotiate the conditions under which its initial loan was granted,” Gide notes in a statement.

Law firm Clifford Chance advised the group of lenders.