Press Releases

The funds obtained through the loan will give Etisalat "a competitive edge by having the latest network technology", Mr. Amir Ghannam, Syndicated Loans Manager at National Bank of Egypt, stated. He continued by explaining that the funds will be specifically used to help the Emirates?based mobile phone provider comply with the latest 3G requirements and, for example, future 4G enhancements in the local Egyptian market. Ghannam also pointed out the important role this particular loan played for the anking sector, highlighting the size of the deal, which required the participation of 28 various banks, both local and international. As legal counsel, SE&P was tasked with negotiating and reviewing both the facility agreement as well as the security documents. Commenting on SE&P's part in the sealing the deal, Mr. Maki Badawi, director of legal affairs for Etisalat, lauded the law firm's approach and involvement. While working with SE&P on the transaction document as well as in instances where views were exchanged, he noted the "high level of professionalism" the firm consistently demonstrated as well as their ability to "work in a collegial, team"oriented fashion". He continued by stating that SE&P "manifestly understands how to go about such deals; they were always available to answer any questions and discuss urgent issues". Yet, in Badawi's eyes, what struck him the most was the firm's ability "to align its own thinking with their client's", which for him was critical in ensuring the success of a deal such as this one. Dr. Ramy El Borai, Partner at SE&P, explained that in the lead role as an advisor to Etisalat, the most formidable challenge that arose during this particular transaction related to the nature of the job at hand. "Syndications are, all other things being equal, a difficult process and taking up the gauntlet of reconciling the interests of the borrower with those of several lenders is challenging, to say the least", he underscored. He also noted the severe time constraint the firm faced when handling the transaction, which he described as "extremely aggressive". So as to supersede these hurdles, El Borai stated, it was crucial to impose deadlines for responses and comments that were received from the various parties, and abide by them in a timely fashion. Nevertheless, El Borai explained that SE&P has been very active on the banking and finance front, which as Badawi confirmed, allowed the firm to successfully handle the transaction, thereby scaling back the degree of the perils posed by the obstacles that arose. He went on to note that SE&P had already been involved in numerous similar transactions, whether advising lenders or borrowers, many of which were "high profile" syndications that took place in the Egyptian market over the past two years. For example, he noted that while the 2009 Egyptian Nitrogen Products Company financing loan was worth a total of more than USD1 billion, which was nonetheless slightly less than the Etisalat loan, the complexity of the ENPC transaction had surpassed all others. El Borai, who was supported by Amira Sherif, Head of Banking & Finance Department, as well as Mahmoud Gharabawy, a junior SE&P associate, attributes the success of the transaction to the firm's ability to work with as a team. For this transaction, he noted, it was particularly critical, as there were a number of fronts to oversee, not least of which was addressing the comments and views of 28 different banks simultaneously. Thanks to the firm's deft associates with robust experience, Mr. Badawi affirmed that he would be delighted to team up with Sarie-Eldin & Partners in the future.