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Egypt’s Mobinil considers $180 million bond issue

Mobinil issued 1.5 billion pounds in bonds in January.


September 6, 2010 1:13 by

Mobinil Egypt’s top mobile firm by subscribers, is considering issuing bonds with a value of 1 billion Egyptian pounds ($180 million), its chief executive said on Monday.

Asked whether Mobinil planned to issue 1 billion pounds worth of bonds, Chief Executive Officer Hassan Kabbani said in a text message sent to Reuters that “it is under consideration.”

Mobinil issued 1.5 billion pounds in bonds in January. The firm’s underwriter said the issue’s first tranche, worth 1.4 billion pounds, was oversubscribed by 1-1/2 times, and the second tranche in excess of 11.4 times.

The bonds had a five-year maturity with a fixed annual yield of 12.25 percent.

(Reporting by Alexander Dziadosz; Editing by Greg Mahlich)


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