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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.

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