Egypt's Orascom Telecom secures $2 billion senior debt facility

By Reshmi Basu

New York, Feb. 22 - Orascom Telecom Holding SAE said it secured a $2 billion five-year senior secured debt facility on a committed and underwritten basis.

Proceeds from the facility will be used to repay company debt, which includes a $1.2 billion vendor note issued by Hutchison Whampoa. This relates to Orascom Telecom's acquisition of a 19.3% stake in Hutchison Telecom, which was announced on Dec. 21.

ABN Amro, Citigroup, Credit Suisse and Deutsche Bank are underwriters for the facility.

Orascom Telecom has headquarters in Giza, Egypt, and has satellite operations throughout the Middle East, Africa and the Indian subcontinent.

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