Egypt's OT says agrees $2.5 bln debt facility

CAIRO, March 2 (Reuters) - Regional mobile operator Orascom Telecom ORTE.CA(ORTEq.L: Quote, Profile, Research) said on Sunday it agreed to a $2.5 billion five-year debt facility with 12 Egyptian and international banks to refinance existing debts.
"The committed facility provides greater financial flexibility for the continued development of our fast growing businesses and creates a simpler and more transparent capital structure," Chief Financial Officer Aldo Mareuse said in a statement.
The facility will be used to refinance the outstanding amounts under the company's existing $2.5 debt facilities and for general corporate purposes, the statement said.
The facility "will allow the company to evaluate investment opportunities on a disciplined basis, or continue to return capital to its shareholder's in light of favourable relative market valuations," Mareuse added.
Banks which committed to underwrite the facility include Banque Misr, the National Bank of Egypt, HSBC, JP Morgan Chase Bank and Calyon.
OT operates GSM networks in Algeria, Pakistan, Egypt, Tunisia, Bangladesh, Zimbabwe, and acquired a license to operate mobile services in North Korea earlier in the year.
The firm approved a plan in February to reduce its issued capital by writing off treasury shares, leaving the number of fully paid-up shares at 1.028 billion.
Shares in Orascom Telecom, the fourth-biggest Arab mobile operator by market value, ended 2.5 percent lower at 81.40 Egyptian pounds ($14.85) on Sunday ($1=5.48 Egyptian pounds) (Reporting by Wael Gamal; Editing by Erica Billingham)