Egyptian Chemical Industries S.A.E. (Kima), Cairo, has inked a Memorandum of Understanding (MOU) for restructuring the outstanding $292 million and EGP1.92 billion (approximately $122 million at current exchange rates) syndicated facility agreement.
Kima said in a statement the agreement was signed on Aug. 31 with a syndicate of Egyptian banks that included National Bank of Egypt, Banque Misr, and Arab African International Bank as Initial Mandated Lead Arrangers, Underwriters, and Bookrunners, joined by Banque Du Caire as Mandated Lead Arranger and Sub-Underwriter, and Blom Bank and Egyptian Arab Land Bank. The original syndicated facility agreement was signed in 2015.
The facility proceeds are being used to finance the Egyptian company’s Kima-2 ammonia and urea production complex in Aswan. The producer said the ammonia plant is currently operating at around 80 percent and the urea plant at 104 percent of installed capacity. Nameplate capacities are 1,200 mt/d of ammonia and 1,575 mt/d of urea.