OCI to Sell US$ 300 million in to Local Market
(firmenpresse) - CAIRO, EGYPT -- (Marketwire) -- 12/19/11 --
OCI to Sell Approximately US$ 300 million in to Local Market to Repay
EGP 1.65 billion Bond as Part of its Refinancing Package
Orascom Construction Industries (OCI) announced today that it intends
to sell approximately US$ 300 million of currency in to the local
Egyptian market to repay its outstanding EGP 1.65 billion local bond.
The repayment of the local bond is required as part of a debt
refinancing package for OCI's wholly owned Fertilizer Subsidiaries
announced on 4 October 2011.
The Fertilizer Subsidiaries secured Credit Facilities totaling
approximately US$ 1.9 billion with international, regional and local
relationship banks in addition to US$ 200 million from the
International Finance Corporation (IFC).
OCI Chief Executive Officer, Nassef Sawiris, commented, "this
transaction clearly demonstrates that tapping international debt
markets serves the interests of our shareholders and creates added
liquidity in the domestic financial sector. By raising off-shore debt
and settling local debt, our balance sheet will benefit from interest
expense savings related to the large interest differential between the
Egyptian Pound and the US Dollar. In addition, we are providing US$ 300
million in Dollar liquidity to the local market."
In November, OCI repaid US$ 700 million of local debt as part of the
company's refinancing strategy.
About Orascom Construction Industries
OCI is one of Egypt's largest corporations with projects and
investments across Europe, the Middle East, North and South America,
North Africa, and Asia. The company directly employs more than 84,000
people and generated US$ 4.9 billion in revenues and US$ 1.1 billion in
EBITDA in 2010. OCI currently has two core business activities. The OCI
Fertilizer Group is a strategic owner and operator of nitrogen
fertilizer plants in Egypt, the Netherlands, the United States, and
Algeria with an international distribution platform spanning Latin
America, the United States, Europe and Africa. These operations will
exceed 7.0 million metric tons of capacity in 2012, positioning OCI
among the top global nitrogen-based fertilizer producers. The OCI
Construction Group is a leading construction contractor active in
emerging markets. It primarily focuses on infrastructure projects in
Europe, the Middle East and Africa in addition to industrial and
high-end commercial projects.
Contacts:
RNS
Customer
Services
0044-207797-4400
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 19.12.2011 - 07:44 Uhr
Sprache: Deutsch
News-ID 1067144
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
CAIRO, EGYPT
Phone:
Kategorie:
Construction
Anmerkungen:
Diese Pressemitteilung wurde bisher 185 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"OCI to Sell US$ 300 million in to Local Market
"
steht unter der journalistisch-redaktionellen Verantwortung von
Orascom Construction Inds, S.A.E. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
