Orange Egypt to earmark EGP4.2bn of syndicated loan to repay debt
Orange Egypt [OREG.CA] is set to allocate EGP4.2bn, or 60% of an EGP7bn syndicated loan it is currently negotiating, to repay existing debt, according to Al Mal. The company is in talks with 14 banks for the syndicated loan, which should have a tenure of seven years and should be at a rate of 1% + corridor (which currently stands at 18.75%). The remaining 40% of the loan will be used to finance the company’s expansion plans in Egypt, including further deployment and modernisation of its 4G network
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