In line with Central Bank of Egypt (CBE)’s initiative to support Egypt’s tourism sector, Orascom Hotels & Development (OHD) signed a debt refinancing package, allowing the company to postpone its principal payments for the upcoming three years and its interest payments for FY16 with an option to postpone the interest payments for FY17 as well. The transaction involves the payment of EGP300.4mn out of a total EGP1.08bn of short-term facilities; and refinancing the remaining balance of EGP781.6mn into a single 8.5-years’ syndicated term loan. In addition to the payment of EGP133.7mn out of a total EGP1.4bn of medium term loans; and refinancing the remaining balance of EGP1.26bn into a 7.5-years’ tenor term loans, all under a common terms agreement frame work. Commercial International Bank Egypt (CIB) acted as the restructuring and coordinating bank for the transaction, with Banque Misr, National Bank of Egypt (NBE), Ahli United Bank, Ahli Bank of Kuwait, National Bank of Abu Dhabi (NBAD) and HSBC Egypt all participating. Medium-term lenders included Commercial International Bank, HSBC Bank Egypt, Arab African International Bank, Ahli Bank of Kuwait and Export Development Bank of Egypt. (Company disclosure)   CIB: EGP55.16 as of 03 November 2016, Rating: Buy, FV: EGP46.38 per share, MCap: USD4,454mn, COMI EY / COMI.CA NBAD: AED8.89 as of 03 November 2016, Rating: Neutral, FV: AED9.00 per share, MCap: USD12,620mn, NBAD UH / NBAD.AD