Egypt’s NBD to arrange USD150-200m syndicated loan for Maridive

Cairo based National Bank for Development (NBD) is considering arranging a syndicated loan between USD 150-200 million for Maridive & Oil Services, the Egyptian oil and gas services company, listed on the Egyptian stock exchange, a senior banker told Zawya.

“A large number of Egyptian banks have expressed interest to participate in the syndicated loan, and we will reach a final agreement before the end of first quarter of 2013. The loan would be worth around USD 150-200 million,” said the bank source on condition of anonymity because he is not authorized to speak to media.

Maridive & Oil Services recently sent an announcement to the Egyptian Stock Exchange saying the company has received some bank offers for syndicated loans.

“Banque Du Caire is considering participating in the loan by USD 50 million,” said the source.

The source also said that in 2011, Maridive & Oil Services had acquired funding in the form of bank loans from the Commercial International Bank, Arab International Bank and HSBC Bank Egypt worth around USD 155.3 million, but the company did not borrow from the banks in 2012.

Maridive & Oil Services has subsidiaries and affiliates in Egypt, Saudi Arabia, UAE, Mauritius and Liberia, and a market capitalization of USD 433 million, according to Zawya Projects.

Source: Zawya


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