Dipco secures $480m debt finance facility

Manama: Ahli United Bank (AUB) and Arab Banking Corporation (ABC), the initial mandated lead arrangers, have successfully closed the senior phase for a $480 million, 15-year syndicated debt finance facility for Damietta International Port Company (Dipco).

The loan proceeds will be used to finance 75 per cent of project capital expenditure and capitalisation of interest up to phase one completion date.

AUB and ABC have been joined in the facility by African Development Bank, Banque Misr (BM) and National Bank of Egypt as mandated lead arrangers.

The transaction launched into general syndication on February 4 through ABC and AUB (international bookrunners) and BM (local Egyptian bookrunner).

Dipco was incorporated in 2006 to carry out a 40-year concession to construct, develop and operate a state-of-the-art greenfield container terminal within the port of Damietta.