Orange Egypt, a subsidiary of the French telecom giant eponymous, has reached an agreement with a consortium of eight major Egyptian banks. An agreement that provides him with a new $ 395.9 million syndicated facility, for a term of seven years.
The agreement comes after Orange increased its paid up capital to $ 865 million and raised its authorized capital to $ 1.13 billion.
The new syndicated facility will be used to refinance existing loans for a total of $ 243 million while the remaining $ 152 million will cover new investments required to complete the next generation network’s implementation and future market expansions. local.
“This new loan agreement allows us to refinance our exciting debt and accelerate our growth in the market and further improve the performance of the company whose indicators have improved significantly since last year,” said Jean Marc Harion. , CEO of Orange Egypt.
For the eight participating banks, they are International Commercial Bank, National Bank of Egypt, Misr Bank, Alex Bank, HSBC Egypt, Emirates National Bank of Dubai, Crédit Agricole Egypt and Attijariwafa Bank Egypt.
Orange’s consolidated financial indicators showed a drop in losses to 35.3%, registering $ 84 million in 2017 compared with $ 144 million in 2016.
