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EGPC – pre-export financing
26 March 2010
Impressive performance for Egypt’s EGPC
Initial MLAs: BTMU and Morgan Stanley
Additional MLAs: Banco Espirito Santo, Banque du Caire, BNP Paribas, Crédit Agricole, Commercial International Bank, Deutsche Bank, HSBC, Natixis, Société Générale and WestLB
Borrower: Petroleum Export Limited III (PEL III)
Amount: $900 million
Tenor: 3.5-years
Lawyers: Skadden Arps; Helmy, Hamza & Partners for the borrower and Latham & Watkins, DLA Matouk Bassiouny for the lenders. |
This was an impressive deal that relied on the expertise and partnership of The Bank of Tokyo Mitsubishi (BTMU) and Morgan Stanley to adapt a secured bond structure into a highly sought after commodity financing that performed strongly in the banking market.
The deal was one of the few pre-export finance transactions of any significant size closed in...
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