Cairo - Mubasher: Orascom Development Holding, said its largest subsidiary in Egypt, Orascom Hotels &Development (OHD) signed a debt-refinancing package.
The deal will allow OHD to postpone its principal payments for the coming 3 years and its interest payments for 2016 with an option to postpone the interest payments for 2017.
Accordingly, the balance sheet of the company will be strengthened and thereby lead to more flexibility to advancing its projects.
The transaction involves the payment of CHF 33.51 million from the CHF 120.47 million of short term facilities and refinancing the remaining balance of CHF 87.18 million into one 8.5 years' syndicated term loanز
It also involves the payment of CHF 14.91 million from CHF 156.16 million of medium term loans and the refinancing of the remaining balance of CHF140.55 million into 7.5 years' tenor term loans, all under a common terms agreement frame work.
Commercial International Bank Egypt (CIB) will act as the restructuring and coordinating bank for the transaction, while Banque Misr, National Bank of Egypt, Ahli United Bank, Ahli Bank of Kuwait, National Bank of Abu Dhabi,HSBC Bank Egypt and CIB are Syndication Lenders.
Medium term Lenders included Commercial International Bank, HSBC Bank Egypt, Arab African International Bank, Ahli Bank of Kuwait and Export Development Bank of Egypt.
