Global law firm White & Case LLP has represented Orascom Construction Industries (OCI), the largest publicly traded builder in Egypt, in a US$1.9 billion loan to refinance debt and support the creation of stand-alone fertilizer and construction divisions.
The debt facilities, which signed on October 3, 2011, include a US$775 million, five-year loan to the Egyptian Fertilizer Co., a $725 million, five-year loan to OCI Nitrogen BV, and a US$300 million, three-year loan to OCI Fertilizer Holdings. In addition, the International Finance Corporation, the World Bank’s private sector lender, approved a US$200 million loan for OCI’s Egyptian Fertilizer Company and is helping to mobilize another US$125 million from Citi, National Bank of Abu Dhabi and Al-Ahli United Bank.
The credit facilities were underwritten by a group of regional and international banks that included Al-Ahli United Bank, Banque Audi, BNP Paribas, Citigroup, Commercial International Bank, HSBC, National Bank of Abu Dhabi, National Societe Generale Bank Egypt and JP Morgan.
The deal was led by White & Case partner Chris Utting, with assistance from partner Philip Stopford and associates Ike Adeyemi, Sajjad Khoshroo, Elizabeth Kimura, Emna Blili, Yan Ng, and Fern Han.
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