Helmy, Hamza & Partners, Baker McKenzie Cairo office, has recently acted as a legal counsel for International Finance Corporation (IFC), a member of the World Bank group, as lenders on the financing package put in place to fund Pasabahce Egypt for Glass Manufacturing S.A.E., a subsidiary of the Sisecam Group and a leading glassware manufacturer.
The financing package includes a long-term loan of USD 20 million and a short-term loan of the remaining USD 10 million. Additionally, the loan provision will enable the borrower to boost its operations by increasing energy efficiency as well as generating cleaner production practices and creating new job opportunities across various departments in the midst of the ongoing COVID-19 pandemic.
Commenting on the deal, Mohamed Ghannam, Managing Partner and Head of Projects at Helmy, Hamza & Partners, Baker McKenzie Cairo said: "We are pleased to offer our substantial experience in financing transactions and work closely with our client to successfully finalize this transaction, despite the ongoing COVID-19 situation. This deal is a testament to our robust banking and finance team as it relates to their exceptional capabilities within the sector and the number of market leading transactions they have advised on in the past few months.”
The deal’s loan documentation was signed on 20 January 2021.
The Helmy, Hamza & Partners, Baker McKenzie Cairo, team was led by Managing Partner Mohamed Ghannam with the support of Senior Associate Ghada El Gharib and Associate Ahmed Shehata.