|
|
|
|
|
EFG Hermes Advises Egyptian Company For Mobile Services (Mobinil) On EGP 1.5 Billion Bond
Published Dec 31, 2009
|
The Egyptian Financial Supervisory Authority (EFSA) has approved the Egyptian Company for Mobile ServicesS.A.E. (ECMSor Mobinil)'s issuance of an EGP 1.5 billion bond fully underwritten by EFG Hermes, the leading investment bank in the Arab world.
ECMS, Egypt's leading mobile telecommunications company, which operates under the brand name Mobinil, will use the proceeds from the bond to cover planned capital expenditure, investments and network enhancements. The issuance will be made in two tranches: an EGP 1.4 billion private tranche targeting institutional investors, in addition to an EGP 100 million public tranche dedicated to retail investors.
ECMSon the bond, which stands as the first bond issue in Egypt to have been marketed to financial institutions without being fully underwritten by commercial banks.
ECMS' other senior obligations.
"This offering is both the largest on the Egyptian market in 2009 and the first to be fully underwritten by an investment bank in Egypt," said EFG Hermes Investment Banking Head Karim Awad. "This is just the latest -- and most significant -- debt transaction to be managed by EFG Hermes Investment Banking since the launch of the debt practice as our third line of business earlier this year."
Mobinilwill launch the bond on Thursday, 31 December 2009 when it publishes the Public Subscription Notice (PSN). The transaction is expected to close by the end of January 2010.
Mobinilbond comes just weeks after EFG Hermesarranged a USD 1.05 billion syndicated loan for the Egyptian Nitrogen Products Company (ENPC).
Mobinilbond is also the second deal to be underwritten by EFG Hermesfollowing SODIC's USD 100 million rights issue as we continue to take advantage of our unrivalled balance sheet."
For further information, please contact:
Heba El-Hamzawy
Public Relations Manager
EFG Hermes Holding S.A.E
T: + 20 2 3331 8255
M: + 20 16 550 9799
helhamzawy@efg-hermes.com
Posted by
VMD - [Virtual Marketing Department]
|
|
|
