Seven banks to provide EGP1bn to Orascom to reschedule due debts
Orascom Hotels and Development has reached a near-final agreement with seven banks for a syndicated credit facility worth EGP1bn, that will be utilised to reschedule the company’s due debts in the short run. The banking consortium participating in the new financing comprises Commercial International Bank (CIB), Banque Misr, Ahli United Bank, HSBC, National Bank of Egypt (NBE), NBAD Egypt and Piraeus Bank Egypt. The loan is structured in two tranches of EGP439mn and USD61mn (equivalent to EGP541mn). The new financing will be provided in three months from the date of signature. (Al Mal) CIB: EGP47.37 as of 31 July 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD6,155mn, COMI EY / COMI.CA
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