FABMISR leads $89mln syndicated loan arrangement for Saudi Egyptian Developers

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Egypt - First Abu Dhabi Bank Misr (FABMISR) has led a banking alliance in the signing of a syndicated loan facility worth EGP 4.4 billion for Saudi Egyptian Developers (SED), according to an emailed press release.

The financing is a part of the total investment cost of EGP 25 billion for the company's real estate project, "Central," in New Cairo.

FABMISR led the consortium as the primary lead arranger, finance marketer, account bank, and facility agent.

The alliance included Emirates NBD as the lead arranger and security agent, Abu Dhabi Commercial Bank (ADCB) as the lead arranger and document bank, and Arab Bank as the lead arranger and equity bank.

Housing and Development Bank, EG-Bank, MID Bank, and Al Baraka Bank Egypt are also among the banking alliance.

Matouk Bassiouny & Hennawy was appointed as the legal advisor to the lenders, and White & Case as the legal advisor to the borrower.