Deal details
Assiut Oil Refinery Expansion Project - SACE Covered Loan
Description
Assiut National Oil Processing Company "ANOPC" is implementing a new hydrocracking complex (Assiut Hydrocracker Complex, “AHC” “the Project”) with a total investment cost of USD 2,892 Billion which is partially financed by (51%) by a under of the international lenders under SACE cover (“SACE Lenders”) with a total debt amount of USD 1,473.90 Mn. The Project is located next to the existing refinery complex operated by Assiut Oil Refinery Company "ASORC" near Assiut governorate in Upper Egypt. The SACE-backed financing backing the Assiut oil refinery expansion project in Egypt - sponsored by Assiut National Oil Processing Company (ANOPC), a project vehicle established in 2018 by state-owned Egyptian General Petroleum Corp (EGPC)'s subsidiary Assiut Oil Refining Co - signed on 14 February this year.The financing is backed by 100% cover from SACE and composed of:1. USD 772m 100% SACE-covered sovereign risk facility - https://www.tagmydeals.com/Deals/DealData/180172. USD 701.38m 100% SACE-covered financing package in favor of National Bank of Egypt & Banque Misr using a bank-to-bank scheme3. USD 701.38m signed on 25th July between the National Bank of Egypt and Banque Misr (B2 Lenders) and ANOPC as Borrower. The facility was structured as a hybrid between an On Lending facility and a Project Finance to direct the funds borrowed under Tranche B1 to ANOPC with project finance terms, while maintaining the terms of the On Lending facilities, which means that the Tranche B1 is a mirror of Tranche B2 (same amount).
Companies involved
- BNP Paribas
- SACE
- Societe Generale, BNP Paribas, HSBC, UniCredit, Cassa Depositi e Prestiti (CDP), Credit Agricole CIB
- Sharkawy & Sarhan Law Firm, Linklaters, Reed Smith
- Egyptian General Petroleum Corporation ( EGPC )
- SIMEST
- National Bank of Egypt (UK) Ltd
Key information
National Bank of Egypt (UK) Ltd
701$m
11-08-2022
Oil and gas / Oil - Downstream (Refining)
Egypt
Export & Agency Finance
Equipment purchase
Sovereign finance
New finance
Tranche information
SACE Covered Loan II
261$
ECA-backed buyer credit
261$m
US Dollar - USD
0
13.5 years
SACE
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | MLA | 65$m |
Cassa Depositi e Prestiti (CDP) | MLA | 76$m |
Credit Agricole CIB | MLA | 59$m |
HSBC | MLA | 28$m |
Societe Generale | MLA | 5$m |
UniCredit | MLA | 25$m |
SACE Covered Loan I
440$
ECA-backed buyer credit
440$m
US Dollar - USD
0
13.5 years
SACE
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | MLA | 109$m |
Cassa Depositi e Prestiti (CDP) | MLA | 128$m |
Credit Agricole CIB | MLA | 100$m |
HSBC | MLA | 48$m |
Societe Generale | MLA | 10$m |
UniCredit | MLA | 42$m |