Egypt's Orascom sells LE1 billion bonds in dollars, local currency

By Reshmi Basu

New York, Dec. 31 - Orascom Construction Industries' Egyptian Cement Co. issued a dual tranche dollar- and Egyptian pound-denominated 61/2-year local bond in two parts for a total of LE1 billion.

The LE500 million tranche was 3.2 times oversubscribed while the $80 million tranche was 2.2 times oversubscribed.

The LE500 million tranche was offered with a coupon of 11¾% and the $80 million tranche was offered at Libor plus 150 basis points.

Proceeds of the bonds will be used to repay the outstanding balance of the company's first bond issue and to finance future company investments.

The Arab African International Bank acted as financial advisor and global coordinator. Lead underwriters and managers also included the National Bank of Egypt, Bank of Alexandria, Cairo Barclays Bank and Banque Misr.

EFG-Hermes acted as financial advisor.

Egyptian Cement, based in Cairo, operates a cement plant. Orascom Construction Industries owns Egyptian Cement.

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