Ezz Steel raises US$236mn

Ezz Steel raises US$236mn

Published: January 19, 2015

Egyptian steel company will use funds to refinance existing debt.

Egypt’s Ezz Steel, the largest steel producer in the Middle East and North Africa, has raised a EGP1.7bn (US$236mn) loan.

National Bank of Egypt acted as lead arranger and facility agent, with Arab African International Bank acting as lead arranger and security agent. Funds will go towards restructuring existing facilities, the loan to be repaid quarterly over a period of seven years.

With total capacity of 5.8mn tonnes of finished steel a year, Ezz Steel accounts for around half of the Egyptian market.