Egypt’s Orascom Telecom is negotiating with 12 banks to arrange a $2.5 billion syndicated loan to refinance its existing debt.

Egypt’s Orascom Telecom is negotiating with 12 banks to arrange a $2.5 billion syndicated loan to refinance its existing debt. The 12 banks expected to be appointed to lead the deal are Banque Misr, Barclays, BNP Paribas, Calyon, HSBC, ING, JP Morgan, Mashreq Bank, National Bank of Egypt, Standard Bank, Standard Chartered Bank and WestLB. The proceeds will be used to refinance Orascom’s $2.5 billion loan taken in 2006.