Bloomberg News

Orascom Construction Gets $1.9 Billion Credit Facilities

October 04, 2011

(Updates with breakdown of credit in third paragraph.)

Oct. 4 (Bloomberg) -- Orascom Construction Industries, Egypt’s biggest publicly traded builder, said its fertilizer units have secured about $1.9 billion in credit facilities.

The units will use the money to refinance existing credit facilities, which had “significant portions maturing in 2013,” the Cairo-based company said in a statement distributed by the Regulatory News Service today.

The debt facilities include a $775 million, five-year loan to the Egyptian Fertilizer Co., a 550 million euro ($725 million) five-year loan to OCI Nitrogen B.V., and as much as $300 million in a three-year loan to OCI Fertilizer Holdings.

The funding also includes a $200 million loan to the Egyptian Fertilizer Co. as part of an investment package from the International Finance Corp. The IFC will help raise an additional $125 million.

--Editors: Tim Farrand, Peter Branton

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Zahra Hankir at zhankir@bloomberg.net


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