Egypt's Orascom Construction launches $300 million five-year revolver in euroloan market

By Reshmi Basu

New York, Nov. 7- Cement producer Orascom Construction Industries said it launched a $300 million five-year revolver facility.

The company said the revolver carries interest of Libor plus 80 basis points.

Citigroup is the bookrunner. Citigroup, BNP Paribas Le Caire, Calyon Bank Egypt, HSBC Bank Middle East Ltd., National Societe Generale Bank and National Bank of Egypt (UK) Ltd. are acting as the lead arrangers for the company's debut facility in the euroloan market.

Also, Orascom Construction has established a wholly owned subsidiary in the British Virgin Islands to act as its borrowing arm. The new subsidiary, OCI Finance BVI, will act as the obligor for the proposed facility.

Cairo-based Orascom Construction will guarantee the loan.

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