Back to the complete issue
Thursday, 19 December 2019

Palm Hills signs EGP 1.1 bn medium-term loan agreement with CIB to refinance debt

DEBT WATCH- Palm Hills Developments (PHD) has signed a EGP 1.1 bn medium-term loan agreement with CIB to refinance some of its existing debt, according to a statement. The facility will replace an existing EGP 2.4 bn syndicated medium-term loan previously granted by the Arab African International Bank along with other banks. The loan is separated into two tranches with maturities of five and four years, with a five-month grace period. The first tranche will refinance Golf Views and Gold Extensions to the tune of EGP 828, with an additional EGP 100 mn allocated for other projects. The second EGP 171 mn tranche will refinance the outstanding exposure of Palm Hills Katameya.

There may be more loans on the horizon: Palm Hills is expecting to take on another loan in the next two to three months to refinance a different project, according to Hapi Journal.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.